VA Loan Requirements
Usually, for an active duty service member or Veteran to be eligible for a VA Mortgage, they will need to have served according to the following:
- 181 Days of Peacetime Active Duty Service
- 91 Days of Wartime Active Duty Service
- 6 Years of Reserves or National Guard Service
- You are the spouse of a service member who was killed in the line of duty
- (click here for specific details on VA Eeligibility)
Debt to income ratio (DTI) is the commonly used ratio to determine how much a borrower can qualify for. However, Veteran Mortgages are primarily reviewed using what is known as the residual income calculation. This calculation determines if a Veteran has enough income to cover living expenses after paying the mortgage, housing expenses, taxes and other debts like car payments or credit cards.
There is no minimum credit score requirement per the VA guidelines. However, most lenders do require a minimum credit score. Most lenders will only go down to a 640 or maybe a 620 credit score. However, VALoancenter.net works with lenders with credit score requirements as low as 600.
If you have had a bankruptcy in your past, you can still qualify. However, since being discharged you must have 12 months of clean credit history, or if the Bankruptcy was a Chapter 7, then you must wait at least two years from the discharge date to apply.
Certificate of Eligibility
In order get a VA Mortgage, you will need a VA Certificate of Eligibility (COE). When you apply, your VA Specialist will obtain your VA Eligibility Certificate for you.
Get Started Now!!
Call our toll free number (888) 890-3967 or fill out the short form to the right and a Specialist will help you get started. Pre-Qualification is free and there is no obligation.
VALoanCenter.net is not a government agency website or affiliated with the Department of Veterans Affairs. VALoanCenter.net has relationships with VA Loan Specialists who work for VA approved lenders. VALoanCenter.net may share your information with these trusted affiliates in order to assist you.