Today I’m excited to launch the first half of a two-part series covering the top 10 questions I hear about VA loans. We’re going to share five of these common queries today and finish with the remaining five in our next message.
1. What kind of credit score do you need to qualify for a VA loan? Believe it or not, the VA does not set a specific threshold for credit scores. Instead, they allow affiliated lenders to set a parameter they believe to be appropriate. So if you’re curious about applying for a loan, yourself, connect with a local lender to determine whether you’ll qualify. Typically, though, the minimum limit will range between 580 and 640.
2. What kind of income counts toward qualification? Disability payments, child support, retirement income, pension, and many other sources can be applied to your application. So long as your income is steady and verifiable, it should qualify.
3. Is it difficult to obtain a VA loan? Actually, not really. Your debt-to-income ratio will be the most important factor, but if you have an experienced professional to guide you, it shouldn’t be too difficult to secure lending.
4. Can I have a co-borrower on a VA loan? Only spouses or another person with military benefits can act as co-borrowers on a VA loan.
5. What kind of property can a VA loan be used on? Single-family homes, duplexes, triplexes, or fourplexes can all be purchased using the VA loan. You can also buy a manufactured property so long as it sits on a permanent foundation.
This covers the first five of our most common VA questions. Be on the lookout for our next installment, at which point we’ll cover five more.
If you have any other questions or would like more information, feel free to give us a call or send us an email.