VA, FHA, & Rural Development Loans

"Hi, this is Jim DiVietri from Allied Home Mortgage in Lansing, Michigan on behalf of Expert Village. For a VA, Rural Development, or an FHA loan, things are a little bit different than the stipulations that you had to come up with for a conventional loan. We have to come up with all the other things like we talked about. We have to have your W-2s, two most current pay stubs, we need a verification of employment. All those things that we talked about earlier, but here are some things that the VA helps people out that don't have that good credit. If you've missed something, if you missed a Visa, why did you miss that Visa? If you've missed like three different payments, say in the month of June, perhaps you had a death in the family at that time and those are the only ones that you've missed. VA, FHA, and Rural Development will accept a letter explaining what the reasons were where you missed those payments. But with a VA, FHA, and Rural Development, your income has to support your lifestyle. So, you have to go full doc on these. You can not go stated. Again, stated is you can just state your income because your credit score is so high. VA and FHA, for the most part, has been helping out people that have a high interest rate and are coming to the point where they kind of are forced into refinancing. Or their interest rate is called ballooning, its going to go say like from 7% to 10%. Which on a $100,000 loan, its going to increase your payments $250 a month. And so that is where if you have decent credit, if you've made all your mortgage payments, your rep payments, and you can go full doc, this is where FHA can come in and help you out."