The Veterans Administration (VA) works diligently to help our veterans secure the funds they need for the housing they’re looking for. In most VA loan requests, the loan request undergoes an automated underwriting process that determines whether a loan is approved. However, as this Team Move/OVM Financial Blog notes, all is not lost for a veteran if a loan request is turned down. There are manual underwriting options available as part of the process.
If a veteran has been turned down for a VA loan, the first step is to understand the specific reasons for the decision. From that point, in many circumstances, there are steps an individual can take to go from denial to approval. Here are some positive factors that may be available for potential borrowers in a manual underwriting scenario, that may not hae been considered in the automated process —
- Documented history on-time rent payments
- Access to residual income sources (this increases the net monthly income)
- Access to available funds left over after the loan has been issued
- A one-time credit issue (as opposed to chronic credit problems)
- A good explanation for circumstances that have created credit problems
If you’d like assistance in navigating VA loans, please contact Sanford’s Team Move office at 919-777-0114. They’ll be happy to help you.