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:
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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 620 credit score. However, VALoancenter.net works with lenders with credit score requirements as low as 550.
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.
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.
Call our toll free number (888) 788-4977 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.
I just want to take this opportunity to express my appreciation for all the countless phone calls and hours of hard work that was required by my VA Loan Specialist in closing my loan application. Her patience and persistence in my unusual case was exemplary. She maintained a professional, yet lighthearted rapport with me and my various setbacks. She promised me two things which made me decide to use her as my loan officer (my Realtor said “I can’t believe you trusted someone from the Internet!”) She said “I guarantee the interest rate and I promise to close on time!” She was believable and I’m so glad I trusted her as I firmly believe no one else would have been so dedicated in seeing my loan become successful and close as it did!
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VALoanCenter.net is an independent website and is not associated with the Department of Veterans Affairs or any government agency. The content provided on this site is intended for general informational purposes only and is offered as free advice, which is believed to be reliable. This information does not constitute an offer or solicitation for any mortgage product or financial instrument. The terms, conditions, information, and materials on this website are subject to change without notice. Availability of products and services may vary by location and may not be offered in all states.
