VA Loans - The Basics

VA loans are the most relaxed when it comes to equity in your home. Veterans are able to purchase a home with NO MONEY DOWN and are able to borrow 100% of their home value in a refinance transaction.

While the VA allows a higher debt to income ratio, they do require applicants to be at their current employer for at least one year. This requirement can be waived if the employment change resulted in higher income earnings.

VA loans are the most lenient in regards to credit history. They allow the lowest credit scores along with the shortest time-lapse from bankruptcy and foreclosure dates. Similar to FHA they do look at payment history on previous government issued loans.

Because the VA is held responsible in case of default, they are fairly strict with the condition of the home. in addition to looking for chipped or peeling paint along with hand railings and water tests, they may also require a pest inspection to insure there are no wood destroying insects jeopardizing the structure of the home.

The standard loan limits for VA loans is $453,100, however you can go as high as $636,100 and even up over $1 Million! However, anything over the standard county loan limit (typically $453k) is considered a "high balance" loan and qualification requirements get more strenuous. See where your county loan limits line up below! 

For free information call now at 877-606-9282 or set an appointment on our home screen for one of our mortgage experts to answer any additional questions you may have!