DETERMINING ELIGIBILITY
How do you qualify for a VA Home Loan?
The application process is not overly complicated when applying
for a VA home loan. You may qualify by meeting one or more of
the following requirements:
• You have served 90 consecutive days of active service
during wartime
• You have served 181 days of active service during peacetime
• You have 6 years of service in the National Guard or Reserves
• You are the spouse of a service member who has died in the
line of duty or because of a service-related disability
These requirements set the table for your approval but are not
the sole factors for you qualifying for a loan. You will also need
to provide debt to income ratio that indicates your ability to
a
concern but for non-active vets providing this can become a
out the details.
WHAT IS THE DEBT-TO-INCOME RATIO?
This ratio is the determining factor if you qualify for VA Loans.
to the Veteran Affairs website. The debt-to-income ratio refers to
the percentage of your gross monthly income that goes toward
debts. Simply put it is the ratio of your monthly debt compared
to your monthly income. This will show a lender you have the
necessary funds available to sustain the investment.
CREDIT REQUIREMENTS
The VA does not set a minimum credit score requirement to
be considered eligible. The lenders tend to require a score of
640 so homebuyers should take that into consideration prior
to applying.
a certain amount of income left over each month after all
an emergency.
AVOID GETTING DENIED FOR THE LOAN
the process repeatedly there are a few things you can do to
ensure your application is properly completed and submitted.
You must remember the more details you can provide about your
potential investment the more the lenders will be willing to work
with you. We were able to gather the most notable reasons your
application can be denied by a VA home loan lender.
• Application errors. Double-check your loan paperwork
• Change in employment. Keep your employment consistent
throughout the loan process. Change in credit
• Borrower Delays
• Factors beyond your control
72 VETERANS AFFAIRS 90 YEARS: Military & Wellness