Four Keys to VA Home Loan Approval

Obtaining a VA mortgage loan is just 4 steps away

Getting approved for a VA loan requires some basic qualifying criteria.  Stripping it down to the bare essentials, a veteran must have 4 basic elements for VA loan approval:

The Two E's

Eligibility and entitlement requirements must be met by each veteran or surviving spouse applying for a VA loan.  Service durations, disability pensions and/or survivor qualifications must also be met.

Purpose

The proposed VA loan must be for an acceptable purpose.  VA loans can be used to purchase or refinance single-family residences, VA-approved townhomes or condos, up to four multifamily units (borrower resides in one) and certain manufactured homes. All properties financed with VA loans must be affixed to a permanent foundation and pass VA appraisal for value and safety.

Occupancy

The borrower must meet VA occupancy requirements.  The VA-eligible borrower or spouse must move into the home within 60 days after closing.  If deployed away from home, the borrower may receive an extension of up to 12 months.

Stability

The applicant(s) must show stable, sufficient income and credit.  The VA gives lenders flexibility to decide what a safe credit risk is within VA guidelines.

 

When the four basic requirements for VA loan approval are met, the applicant will likely get a VA loan in an amount contingent upon the VA-eligible borrower’s available entitlement and ability to pay.

To find out if you meet the basic requirements, call 888-589-1665 to speak with one of our loan professionals with no obligation or click on the form to the right to submit your information.