Requirements for a VA Loan Approval
For a New VA loan, Borrowers are required to have the following:
- Valid eligibility and an available entitlement. Find out if you are eligible.
- The loan must be for an eligible property. These include but may not be limited to:
- New home construction
- New home purchase
- Purchase of a single-family home
- Townhouse (VA approved projects only)
- Condominium (VA approved projects only)
- Mobile homes (must be at least 24 feet wide)
- The veteran must occupy or intent to occupy the property as their primary residence within a reasonable period of time after closing the loan.
- The veteran must have a satisfactory credit score.
- The income of the veteran and their spouse, if applicable, must be shown to be stable and sufficient to meet the monthly mortgage payments, cover the costs of owning a home, and cover all other obligations, loans, and expenses and have enough left for costs of living.
Speaking with an experienced VA loan specialist will give you the opportunity to discover if you qualify and if your income is sufficient to meet the financial burden of having a mortgage.
VA Home Loan Benefits and Quotes
The VA Home Loan Program is an excellent option for active duty military personnel as well as non-active duty veterans. If you are eligible, be sure to take advantage of your benefits to save.
Obtain More Information About VA Home Loans
To learn more about VA home loans and to find out about your benefits, qualifications, and specific needs, simply let us connect you with a professional today.
Source: VA Handbook
