Loan application entails that you have some requirements that determine your loan approval or rejection. We the Prodigy Lending offer the Veteran Affairs loan program that is eligible to Veterans, National Guard members, reservists, military members serving in the United States and spouses of the disabled or those that died while on duty, that have not yet re-married.

There are some eligibility guidelines either one or two that determine whether your loan request can be approved or not. These guidelines are:

  • Active service during wartime for 90 consecutive days
  • Active service during peacetime for 181 days.
  • You should have served in the National Guard or Reserves for more than 6 years.

Unlike other loan programs in the VA loan program a Certificate of Eligibility (COE) is a requirement, an experienced mortgage expert can help you obtain it. This certificate is important since it proves to your lender that you are entitled to the benefits of the VA loans and how much a client can receive. This certificate can be applied via a Veterans Affairs approved mortgage lender, it can be applied online using the VA portal and lastly, it can be applied with form 26-1880 by mail.

The requirements for applying for this loan program are fair unlike for other loan programs. The basic requirements for this loan program are:

  • You should have a stable source of income

This lets the mortgage lender know that there is a source of money for the funding fee or any closing costs and a source where the monthly loan payment will come from.

For private lenders like the Prodigy Lending, proof of employment and a stable source of income is not the only requirement, rather they need you’re:

  •  Your Credit scores

This determines the loan amount a client can be given. For someone with a low credit score, it is still possible for them to get their loan request approved. Credit scores can be checked online, if your credit report shows that you have a low credit score you should think about paying your bills on time and in case you forget setting up reminders can help, Ensure that you don’t open credit accounts if not necessary, do not lose any unused credit accounts you have.

Finally, for someone who would love to directly speak with one of our experienced mortgage professional, they should simply give us a call anytime or feel free to utilize any of the interactive tools offered throughout the site. Other than calling us, they should try sending us messages on our social media that is facebook and our support staff will give solutions to their issues. We look forward to working with you.

Please contact us for more information!