Posted on Jul 21, 2020
I have a VA rating of 70%. I want to get a VA Loan. how can I use my rating to get the VA Loan approve?
2.98K
26
21
3
3
0
How can I get approve
Posted in these groups: 
VA Loan
VA Loan
Posted >1 y ago
Responses: 12
5
5
0
What matters about your rating is the income you receive... your income is a prequalifier to getting a VA loan. You need to be able to make the payments on the loan, and as long as you can, and the home meets the required inspection requirements, then you can qualify for a VA Loan. After, do what was already stated... Shop, Shop, Shop around to find the best rates. The better your credit and income are, the more you can negotiate better rates and terms on a loan.
(5)
(0)
4
4
0
Your 70% rating can help in a couple of ways.
1) VA waives the funding fee.
2) Your disability income is tax free which allows a lender to gross up that income by 125%. This reduces your debt to income ratio and can help you qualify. The caveat with grossing up income is that it does not apply to the VA required residual income calculations.
3) Depending on what state you're in, you could see a reduction to your property taxes or you could be completely exempt. For example: In IL Veterans with a service connected disability rating of 70% or more are totally exempt from property taxes while states like FL & TX reduce your taxes if you're under a 100% rating. If you're 100%, they completely exempt you from taxes.
1) VA waives the funding fee.
2) Your disability income is tax free which allows a lender to gross up that income by 125%. This reduces your debt to income ratio and can help you qualify. The caveat with grossing up income is that it does not apply to the VA required residual income calculations.
3) Depending on what state you're in, you could see a reduction to your property taxes or you could be completely exempt. For example: In IL Veterans with a service connected disability rating of 70% or more are totally exempt from property taxes while states like FL & TX reduce your taxes if you're under a 100% rating. If you're 100%, they completely exempt you from taxes.
(4)
(0)
MAJ Ward Odom
Minnesota
Veteran 100% permanent and total disability rating $300,000
Veteran 70% or greater service-connected disability rating $150,000
Surviving spouse receiving dependency and indemnity compensation Veteran's disability status is not a factor $300,000
Surviving spouse of a qualifying veteran or service member 100% permanent and total disability rating $300,000
Qualifying primary family caregiver of a veteran 100% permanent and total disability rating $300,000
Qualifying primary family caregiver of a veteran 70% or greater service-connected disability $150,000
Veteran 100% permanent and total disability rating $300,000
Veteran 70% or greater service-connected disability rating $150,000
Surviving spouse receiving dependency and indemnity compensation Veteran's disability status is not a factor $300,000
Surviving spouse of a qualifying veteran or service member 100% permanent and total disability rating $300,000
Qualifying primary family caregiver of a veteran 100% permanent and total disability rating $300,000
Qualifying primary family caregiver of a veteran 70% or greater service-connected disability $150,000
(0)
(0)
John Burke
SSgt Judy L -
The California Constitution and Revenue and Taxation Code Section 205.5 provides a property tax exemption for the home of a disabled veteran or an unmarried spouse of a deceased disabled veteran.
There is a basic $100,000 exemption or a low-income (less than $52,470) $150,000 exemption available to a disabled veteran who, because of an injury incurred in military service:
is blind in both eyes; or
has lost the use of two or more limbs; or
is totally disabled as determined by the VA or by the military service from which the veteran was discharged.
The California Constitution and Revenue and Taxation Code Section 205.5 provides a property tax exemption for the home of a disabled veteran or an unmarried spouse of a deceased disabled veteran.
There is a basic $100,000 exemption or a low-income (less than $52,470) $150,000 exemption available to a disabled veteran who, because of an injury incurred in military service:
is blind in both eyes; or
has lost the use of two or more limbs; or
is totally disabled as determined by the VA or by the military service from which the veteran was discharged.
(0)
(0)
4
4
0
Your rating is more or less irrelevant, aside from possibly reducing or avoiding some fees. Almost all major banks work with VA loans, so do some serious rate shopping. I just did a re-finance with a VA Interest Rate Reduction Loan (VA-IRRL), one bank wanted to give me a new loan with the same payment, and I would save a whopping three months of payments. Still a savings, but not worth the hassle. Another bank is giving me reduced payments ($100 less/ month) AND knocking 9 YEARS off the term of the loan (no, that is not a typo, almost 10% smaller payment every month and almost a third of the time cut off). Not all loans are the same, and the ones who advertise VA loans loud and proud don't usually give the best rate.
Honestly, it is ALL about the rate. Shop shop shop. Then shop some more. Don't be afraid to play them against each other.
Honestly, it is ALL about the rate. Shop shop shop. Then shop some more. Don't be afraid to play them against each other.
(4)
(0)
PO2 Mike Vignapiano
A rating is NOT irrelevant. Any Vet with a rating of 50% or more is entitled to have the VA Funding fee waived. However you are correct about shopping around for rates. Also ask about their fees. All will say “no cost to you.” That’s a half truth. What they mean is “no out of pocket costs.” A VA mortgage allows all fees/costs to be financed. So beware!
(1)
(0)
SFC Casey O'Mally
PO2 Mike Vignapiano - If the question is about approval (which this question was), the rating *is* irrelevant. also note I said aside from reducing or eliminating some fees.
(1)
(0)
(0)
(0)
SFC Casey O'Mally
When dropping a full percentage point, it makes a HUGE difference. when the total payout (due to less interest every month / more paying on premium, which compounds itself) is radically reduced, the time it takes to pay it off goes down, too.
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google