What are the requirements to qualify for a VA loan?
Answer After eligibility is determined (based on military service) then we look at several things to determine qualification. The first is your credit score and your spouse’s credit score if he/she is also going to be on the loan. We must use the lowest credit score for the program. There is no specific VA credit score minimum, but the type of derogatories (late payments, charge offs, etc.) can be an issue. For instance, tax liens and judgements usually need to be paid off or shown to be released. Another consideration is your employment history. The veteran and any co-borrowers need to show at least 2 years of consistent employment, preferably in the same industry or type of work. Then we consider the total household debts compared to total household income to determine the debt-to-income ratio. Under 40% is best, but we’ve gone as high as 60% in special circumstances. In summary, credit scores, employment history and income, and the debt-to-income ratio are the major determinants of
