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Few questions, getting closer to VA Mortgage

New Contributor

Few questions, getting closer to VA Mortgage

1.   Hopefully, I am not wrong on this issue!!!

No taxes filed---VA & SSDI---will this be an issue for VA loan???

I have not filed taxes for over 5 years since disabled/unable to work.  VA disability, tax exempt, SSDI exempt--technically no spouse yet since we are not married at this point.  My only income is VA &SSDI disability.  So, what is needed, if anything, will be needed from IRS for tax purposes??? Is there a document I need to request from IRS that I can be working on now?   I have my award letters from VA & SSDI as for as proof of income.


2.  My understanding is the mortgage interest rate is based on middle mortgage score.  If that is true, my middle "mortgage" FICO 04 score is 717 right now and I am not at AZEO.  I will be back at AZEO come January 2021.  If my middle mortgage score will be around 735-ish, what kind of difference would that be for the interest rate(717 vs 735)???  Trying to get up to date info on the mortgage scores  and interest rates.


I am trying to have at least $3500-$5k saved up for closing stuff.  I have read on here where some have used less for the VA loan, just wanting to be prepared and figure out really how soon I can start.  I have read that since I am 100% P&T in Florida, this gets me tax exempt which helps tremendously and allows a bit more house from a cost aspect that one would typically have to consider the monies going in for the property taxes.


3.  Can I get pre-qualified to see the max loan applicable to me without agent actually running my credit score yet???  I have read yes and no.  From what I have read, prequalified is just that gathering documents and figuring out buying power and if any issues and pre-approval was based on actually running credit scores through and seeing who approves me.


Since I had one last baddy on one of my credit reports; I positioned myself to be ready come Feb/2021.  Now that the last baddy removed via EE, all 3 credit reports are clean; I am much closer to start time!!!


Any of you you mortgage/broker/lenders close to Fort Myers Florida???


Thanks for help!!!!!!!!



Starting scores MAR-2018-----
AS OF JUN 2020---------------------
MORTGAGE JUN 2020-----------

1 baddy left on TU and EX----EQ clean!!!
Almost at AZEO---next month July!!!
INQ's 12 months: EQ-0, TU-3, EX-1
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Community Leader
Valued Contributor

Re: Few questions, getting closer to VA Mortgage

Hi @FunShineCity9,


1) Because your income is not taxable, you are not required to file & we are not required to provide tax returns in your loan file. We can gross your income up 125% as well.

2) There is little to no difference on a VA rate between a 717 score or a 735ish score. Yes, you will be exempt from property taxes in Florida and that can help increase how much home you qualify for.

3) You're close. You're correct on a pre-qual. On a pre-approval we will take your application (after we've verified the income & assets) and your credit report & run it through an Automated Underwriting System (AUS). The good news is, you can still get approved for a VA mortgage even if you have a negative hit on your credit.





VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
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