VA Loan Guidelines Explained
When considering a VA Loan, there are many guidelines that designate eligibility. Before getting started on the process, it is important for a potential borrower to understand all of the requirements associated with a VA Loan. Although all VA Loan guidelines will need to be explained by a lender, here is a sampling of what to expect:
Eligibility Guidelines
- Service requirements ranging from 90 days (active duty during wartime) to 6 years (National Guard)
- Must acquire a Certificate of Eligibility
Occupancy Guidelines
- Must personally live in the property or plan to live in the property upon its completion
- Allows for intermittent occupancy in situations where the veteran has a history of continuous residence in the community and had no intention to establish permanent residency elsewhere
- Occupancy by a spouse satisfies the requirement for those on active duty
Income Guidelines
- Sufficient in amount
- Stable and reliable
- Anticipated to continue during foreseeable future
Debts and Credit Guidelines
- Credit reports must be less than 120 days old (180 days for new construction)
- Deferred student loan payments must be considered among monthly obligations
- Bankruptcy does not automatically disqualify applicants
If you meet these primary guidelines, let us help you start the process of pre-qualifying for a VA loan today. Not sure if you qualify? contact one of our speciaists at 800-405-6682.
