VA Mortgage 100% Financing Qualifications
WHO IS ELIGIBLE FOR VA FINANCING?
Generally, the following people are eligible:
• Veterans who meet length of service requirements
• Service members on active duty who have served a minimum period
• Certain Reservists and National Guard members
• Certain surviving spouses of deceased Veterans
KEY VA LOAN UNDERWRITING CRITERIA:
• No maximum debt ratio; however lender must provide compensating factors if total debt ratio over 41%.
• No maximum loan amount; however, VA does limit its guaranty; Veterans can borrow up to $424,100 without a down payment in most of the country. Find out the limit in any county.
• Published residual income guidelines to ensure Veterans have the capacity to repay their obligations while accounting for all living expenses.
• No minimum credit score requirement; instead VA requires a lender to review the entire loan profile to make a lending decision.