After serving in the military, you may be ready to find and purchase a house using the VA loan that you worked hard for which to qualify. Unfortunately, the process of getting a home loan through the Veteran's Administration is not always cut and dry. While preparing for and navigating the application process, makes sure you avoid making the following mistakes.

1. Assuming Your Credit Score Does Not Matter

One misconception you may have about getting a home loan through the VA is that your time served guarantees that you will be accepted. You may believe that your credit score does not matter to the loan company, so you do not need to worry about it. However, assuming your credit score does not matter would be a mistake.

Just as with any loan, especially one to purchase a house, your credit score does matter. Even if you served several tours in the military, you still have to have a minimum credit score that is set by the bank with which you are working. If you do discover that your score is too low, you can work with a financing consultant to see what you can do to raise it.

2. Neglecting to Find Out Your Debt-to-Income Ratio

Your overall credit score is not the only thing you need to have in order to obtain a VA loan for a house purchase. The VA and the bank will also take into account your debt-to-income (DTI) ratio. This ratio is the number that shows a comparison of your income versus your expenses

If you do not know what your number is before you apply for the loan, you may be offered less money than what you are seeking to purchase the house that you want. Or, you may be turned down altogether if your DTI ratio is less than 41%, which is the number set forth by the Veteran's Administration.

If your DTI ratio is less than what you need, you can find out how to bring up your score before applying or reapplying for the home loan. Working with a financing company can help you do this.

When seeking out a VA loan to purchase your next home, you need to have someone who understands the intricacies of not only obtaining a mortgage but also working the Veteran's Administration. For more information, contact a financing company a company like Unity West Lending in your area.