To qualify for a VA loan, the following conditions must be met:

VA Loan Eligibility

The borrower must be active duty or have had prior military service (honorable discharge). In some situations, the surviving spouse of a Veteran and some civilians will qualify for a VA loan.

VA Loan Qualifying:

The borrowers existing monthly debt along with the proposed new debt will be deducted from the borrowers’ gross income. Although the VA does not have a specific debt to income ratio, generally each investor will use 41% as a metric. In the event that a borrower exceeds this amount, residual income can be used instead.

VA Loan Appraisal:

Each property will be appraised by the VA. Each appraiser is chosen out of a pool of VA approved appraisers. This is done so that the borrower, seller and real estate agents may not attempt to manipulate the value of the property or the results of the VA Home Loan Appraisal.

VA Loan Inspection:

Each property is inspected by the VA appraiser for acceptable standards of safety, constructional soundness and sanitary existence. In the event that these conditions are not met, the seller may make the necessary repairs before the closing.

Each borrowers circumstances are a contributing factor in the VA loan qualifications process. The statements above are for informational purposes only. To find out what government insured mortgage you will qualify for, call the VA Home Loan Centers applications desk at 888-573-4496