Finding out if you qualify for a VA loan, and exactly how much you qualify for, is an important step in acquiring the finances you need. Qualification is based on a number of factors, and assuming that your credit is sufficient to be qualified, your income will be the first thing that is examined.

If you have good credit, your debt-to-income ratio cannot exceed 50%. This ratio shows what you earn each month versus what you pay out, including what you will have to pay every month on your home. This ratio is calculated by dividing your monthly debt obligations by the total monthly earning. The result is then multiplied by 100. However, if you want more detailed statistics, you can contact a VA loan specialist to learn more.


Qualifying for a Home Loan

The VA Home Loan program has raised their limits, but there are still many qualifications that you must meet. The veteran must still be credit worthy and have put in the minimum amount of service time (90 consecutive days during wartime or 181 days during peace). You must also occupy or intend to occupy the home you are going to purchase through the program and comply with any other rules and regulations set by the program.

There are many other factors that could impact your eligibility, so it is important to speak to your lender to learn more. This could include your debts and credit reports as well as your current income and the stability of your job. Contact us today to learn more about your qualifications and how we can help you find the right lender for your situation.

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