VA Loan Guidelines
Simplify the VA Loans Process
Do you qualify for a VA home loan? These veteran benefits in the GI Bill of Rights provide veterans with a federally guaranteed mortgage with no down payment. VA home loans are made by private lenders, such as banks, savings loans, or mortgage companies.
The VA defines allowable fees and charges that the veteran borrower can pay or closing costs that may be charged for the VA loan. While closing costs can be covered by a VA mortgage, the same effect can be reached through careful structuring of your real estate contract.
When the VA automatic underwriter analyzes credit for a VA loan borrower, they do take into consideration the whole picture. Even if your debt-to-income ratio exceeds the maximum ratio of 41%, the VA gas a residual income guideline that can allow approval.
The VA funding fee is required by law, but there are exemptions for some veterans who suffered service-connected disabilities. If a veteran has already used a portion of his or her VA loan eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available.
A VA loan borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay a VA home loan. A borrower who continuously makes late payments and/or has delinquent accounts would not be a good candidate for a VA loan.
The law requires a veteran obtaining a VA guaranteed loan to certify that he or she intends to personally occupy the property as his or her home. If the loan is a Streamline Refinance, a veteran needs only to certify that the he or she previously occupied the property as a home.
Joint VA loans are available to veterans and their legally married spouses. VA guidelines make it possible for more than one eligible veteran to use VA loan benefits. These loans can be fully guaranteed by the U.S. Department of Veterans Affairs.
Keep track of VA loan requirements for veteran home mortgages. You will soon realize how little red tape there really is in using this mortgage to buy or refinance a home. Some of the things needed for your loan application are your social security number and employment history.
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