Most importantly, let’s begin on this Veterans Day by thanking all the men and women who have served our country, past and present. We honor your dedication and sacrifice that allows us all to enjoy America’s freedoms. We thank you and salute you!
If you are serving in the military with less than a year to your Expiration of Term of Service (ETS), the Veterans Administration has policies in place that can help you qualify for that ideal home. This Team Move/OVM Financial blog post offers plenty of information for you, or those you know, who will soon be leaving the military, OR reenlisting.
Among the key takeaways —
Military personnel should be aware of their ETS. Lenders, underwriters and VA guidelines regard the ETS as a key factor in determining the approval and potential terms of a loan. Particularly if the ETS is within 12 months of the closing date, the applicant should be prepared to discuss, and ideally, document employment plans and/or income sources for after the ETS date.
Personnel planning to reenlist should be prepared to document this. A VA borrower in this circumstance should provide a copy of his/her reenlistment papers or an authorization form command to reenlist and a signed letter of intent to do so.
Securing future employment improves the odds of loan approval and enhances its terms, if a service member is not reenlisting. If this type of loan candidate is able to validate the job offer and income, this information can be factored into the approval process. Documentation will be a key part of this.
If you are looking for a viable VA loan for your situation, Sanford’s Team Move loan professionals will be happy to help by answering your questions and assisting you in navigating through the process. Please feel free to call the office at 919-777-0114.