Before closing on a VA loan, you must meet requirements set by the Department of Veterans Affairs (VA) and specific lender guidelines. The VA sets minimum service requirements, while loan lenders set their own financial requirements for things like credit, income, and debts—based on the broad ...
In addition, your income and assets must be within the guidelines established by Congress. These guidelines are adjusted for inflation. As of 2025, your net worth cannot exceed$159,240. Net worth is calculated by totaling the following:
There are two primary guidelines that VA underwriters evaluate when considering potential borrowers: The borrower is a satisfactory credit risk for the VA lender The borrower has sufficient income to manage future mortgage payments VA Loan Underwriting Process The underwriting process is first initiated d...
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Once you know you are eligible and are approved for a VA loan, it’s time to choose the property. VA loans have slightly more strict guidelines when it comes to properties, so it’s good to educate yourself on VA’s minimum property requirements, or MPRs. ...
Does a COE mean you are guaranteed a VA loan? No, having a Certificate of Eligibility (COE) doesn’t guarantee a VA loan approval. Your COE shows the lender you’re eligible for a VA loan, but you must still qualify for the loan based on VA mortgage guidelines. The guarantee part of...
VA Jumbo Loan Limits, Rates & Guidelines for 2025 What are VA loan limits in 2025? As of January 1, 2020, there are no longer loan limits for VA loans. The size of your loan is only limited by what your lender will allow. The 2019 Blue Water Navy Vietnam Veterans Act repealed ...
Financing manufactured homes is allowed under VA mortgage guidelines. These are known colloquially as mobile home loans.
The VA prefers a debt-to-income ratio, or DTI, of no more than 41%. But borrowers with higher DTI ratios can get approved if they have enough "residual income," another factor lenders consider when reviewing mortgage applications. Residual income is the money left to cover basic living expe...
Yes. You'll need to meet financial guidelines set by the VA and your lender. The lender will look at things like your credit score and history, assets, and employment and income history. They may also require information about your other expenses, such as child-care costs. ...