Maximum Loan Amount  (based on debt ratio and residual income)

• First-time eligibility use, up to $1,000,000

• Subsequent use up to $647,200

 

Property Type

• Single family home

• 2-4 unit (1 unit must be occupied by the veteran)

• Townhouse

• Condo (if on VA approval list)

• Modular home

• Manufactured home (additional restrictions apply)

 

Credit Score/Credit History (VA does not have a minimum score requirement)

• 580 or less, no late payments or collections accounts in the past 12 months

• 581 and above, no more than 1 late payment any debt in the past 12 months

• No outstanding government debt (student loans, IRS, other government debts)

 

Downpayment Requirement (available for veterans or veterans and their spouse only)

• No downpayment required if under qualified loan amount

 

Income Requirement

• Income must be able to support housing expenses and reported debt

• Self-employed income can be used for tax filed income for 2+ years

• Part-time jobs can be used for taxed filed income for 2+ years

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Closing Cost Options (Options are dependent on credit scores)

• Borrower paid closing costs

• Seller paid closing costs

• Lender paid closing cost

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Where can you purchase

• There are no restrictions on property location 

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About VA Home Loans

There are numerous benefits to have for a veteran to use their entitlement to purchase a home. While the Department of Veteran Affairs does not make loans to veterans, the VA guarantees loans originated for by lenders on behalf of the veteran. Here are some of the major benefits to having a VA Home Loan:

• No down payment

• No private mortgage insurance

• No pre-payment penalty

• High tolerance for debt ratios

• Lowest interest rates

• Loans are assumable for a qualified buyer

• Easy to refinance 

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