VA Loan Eligibility Requirements
If you meet the VA loan requirements, you may be eligible for a number of benefits, including no down payment required, competitively low interest rates, limited closing costs, no need for private mortgage insurance (PMI), and the ability to borrow up to the VA loan limit in your area.
1
VA Loan Limit:
As of 2020, if you have full entitlement, you don’t have a VA loan limit. However, your lender may impose their own terms and your entitlement will still be pegged to conforming mortgage limits.
2
Active Duty Service:
You must have served at least 90 days of continuous active duty, or 6 years in the Reserves or National Guard. If you served during a period of war or national emergency, you may qualify with less service.
3
Surviving Spouses:
The spouse of a veteran who died in the line of duty, or as a result of a service-connected disability, may be eligible for a VA loan.
4
Certificate of Eligibility (COE):
You must have a COE from the VA in order to qualify for a VA loan. You can apply for a COE online or by mail.
5
Credit Score:
The VA does not require a minimum credit score for VA loans, but most lenders will require a credit score of at least 620.
6
Debt-to-Income (DTI):
Your DTI is the ratio of your monthly debt payments to your monthly gross income. Most lenders will require a DTI of no more than 45%.
7
Affordability:
You must be able to afford the monthly mortgage payments, including principal, interest, taxes, and insurance.Investment properties and vacation homes cannot be purchased using VA loan proceeds. Furthermore, you must occupy the home and use it as your primary residence.
Get in Touch Now
If you want to purchase or refinance a home. Talk to loan expert now. We are the best mortgage company in America