Qualifying for a VA Home Loan
There are four major components that will be considered when applying for a VA Home Loan.

The most important component for all veterans who intend to finance a home with a VA mortgage loan is the VA entitlement, which is the commitment from the Department of Veteran's Affairs that ensure the veteran has met the minimum required service time. When a veteran is eligible, the VA will issue a certificate of eligibility which is the written guarantee to the lending institution that he or she is entitled to finance a VA home loan.

As with all mortgage loans, individuals must meet the minimum credit requirements for the lending institution providing the financing. Although the credit requirements for a VA home loan are not as strict as conventional financing, there are still minimum guidelines which must be met. Depending upon the lending institution, the minimum credit scores will absolutely very. The standard minimum credit score is 580, and the higher the score the more favorable the interest rate will be. In addition to the credit score, most banks will require at least three trade lines with a minimum 12 month.

The VA loan is by far the most lenient when it comes to income qualifications. While there are specific aspects of the qualifying income ratio that only pertain to veteran home loans, the allowable percentage of one's income that can be applied to monthly ongoing debt/home loan in most cases will be higher than Conventional or FHA financing.

Unlike many home mortgage loans, the VA guidelines do not require any type of assets or reserves as long as the purchase price does not exceed the county limit, in which case the veteran must prove the down payment money through his or her own cash account/retirement funds or a gift from a family member.

Nearly all veterans have VA eligibility, and as long as he or she meet the lender's underwriting guidelines then purchasing a home with a VA loan will be a smooth process and excellent choice to finance their home.

Our VA mortgage specialists are ready to answer all of your questions 7 days a week:
Call us directly: 866.387.9148
Text us directly: 619.623.0633

"Proudly Helping Veterans Achieve the American Dream"

Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Bureau of Real Estate: Broker # 01821025. NMLS # 135622. California Bureau of Real Estate #01326712, NMLS #84095. Oregon Division of Financial Regulation License #4917 and #84095, Washington Department of Financial Institutions License #MB- 135622 and #MLO-84095, Colorado Department of Regulatory Agencies MLO License #100508568, Florida Office of Financial Regulation License #MBR 487 and #LO47057. *Closing costs are paid with additional yield spread premium which is the revenue paid to a mortgage broker for providing a borrower with a higher interest rate on a mortgage loan in exchange for lower up front costs.
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Christopher Murphy - Loan Consultant
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