VA Loans: Your Questions About VA Home Loan Requirements

One reason VA loans are popular is because their requirements are pretty straightforward. First and foremost, you need to look at the duration of your service.

You have to have been on active duty for at least 2 years. However, the rule is 6 years if you were in the National Reserve or Guard, 90 days of active duty if you were called up under U.S.C. Title 10, or 181 days of peacetime duty if you were called up under U.S.C. Title 10.

If you don’t fit into any of those categories, you may still be eligible for a VA loan. POW held in captivity for more than 90 days are eligible, as are spouses who have not remarried after his or her spouse died due to a service related injury.

Now, credit score: fortunately for VA loans, you don’t have to have the best, or even an average credit score to qualify. As long as you can provide proof that you can payback the loan at the end of every month after you factor in your living expenses (utilities, food, etc.), then you are qualified for a loan. However, that being said, VA loans require 41% or lower debt-to-income ratio. Debt includes car payments, credit card payments, student loans, alimony, or a mortgage.

Do you think you are on the edge of qualifying or want more concrete figures and estimates for your area? Don’t worry; you can contact us for more information.