The military theme for today’s blog was inspired by the recent award of a mortgage-free home to one of our military veterans, native Floridian, U.S. Army Specialist Mike Thomas.

Small flags surrounded the lawn in front of the home where friends and neighbor, old and new, welcomed US Army Specialist Mike Thomas to a hero’s homecoming.

He was awarded the keys to the home, mortgage free, through a joint program offered by the Military Warriors Support Foundation and the Bank of America.

Present at the front door ceremony, Tommy McCorkle Sr. represented the American Legion.

He stated, “You can’t do enough for certain people in our military, especially the wounded ones. They gave the utmost sacrifice for us to have our freedom.”

Specialist Mike Thomas served two tours of duty in Iraq, where he was wounded and where he lost countless friends on the battle field.

His reactions were heart-warming as he toured his new Durham home. The wounded veteran  became almost overwhelmed as he described the “unreal” and “exciting” moments of taking possession of his new home.

As we at Palm State Mortgage read the story, we could not help but wish that all our American military heroes could receive such an award.

Of course we know that is impossible, but we also know that the Veteran’s Administration is helping our everyday heroes obtain good loans.

It seems appropriate to mention how to begin a V.A.Loan procedure. We know it’s not an award like the ones from the Military Warriors Support Foundation, but it is a program with many benefits for those who have served our country.

According to experts, the intrinsic value of a VA home loan is that it involves “a guarantee by the government that the lender will get back at least 25 percent of their investment even if the buyer defaults on the loan.”

You can read more informative material at this reliable online resource.

Palm State Presents:  VA Standards in a Nutshell:

The office of Veterans Affairs (VA) creates  VA-funded home loans for veterans who qualify. Such financial information as a veteran’s income and credit history are evaluated to determine if the applicant is eligible for a VA loan.

You should be aware that a veteran must meet four basic standards to qualify for a VA Loan.


Number One:  Income Is Key

The first priority is the Guideline for income.  To qualify for VA loan, the lender will use a special residual income calculation.

Your debt-to-income ratio will be figured.  It is meticulous, but it is only fair to determine whether a veteran can really afford to take out and pay a loan on a home.

Here is the scoop:  “The veteran’s loan amount, within government limits, is determined by the debt-to-income ratio. According to Mortgage Underwriters, the necessary debt-to-income ratio for a VA-funded loan is 31/41 or approximately 41 percent.”


We hope you will return to Palm State Mortgage Company Blog next week for a detailed description of each of the remaining three standards in Part Two of our blogging series on Veteran’s Association loans.