When considering a VA Loan, there are many guidelines that designate eligibility. Before getting started on the process, it is important for a potential borrower to understand all of the requirements associated with a VA Loan.
- Eligibility Guidelines Service requirements range from 90 days (active duty during wartime) to 6 years (National Guard) Must acquire a Certificate of Eligibility Occupancy Guidelines.
- Income Guidelines Sufficient in amount Stable and reliable Anticipated to continue during foreseeable future Debts and Credit Guidelines Credit reports must be less than 120 days old (180 days for new construction) Deferred student loan payments must be considered among monthly obligations Bankruptcy does not automatically disqualify applicants.
- Must personally live in the property or plan to live in the property upon its completion Allows for intermittent occupancy in situations where the veteran has a history of continuous residence in the community and had no intention to establish permanent residency elsewhere Occupancy by a spouse satisfies the requirement for those on active duty.