2018 VA Loan Guidelines and Loan Limits

If you’ve served in the active military for at least six months, or in the reserves or National Guard for six years, or a spouse of someone who meets these conditions, you’ll likely qualify. If you are approved, you’ll receive a document called a VA certificate of eligibility which will prove to lenders that you qualify for a VA loan. However, you don’t need one on hand to start the process. Lenders can get this document from the government on your behalf during pre-approval. Basic VA Service Requirements: Served for 90 consecutive days of active service in wartime, OR Served for 181 days of active service during peacetime, OR Has more than 6 years in the Reserves or Nations Guard Active-duty Servicepersons Servicepersons on active duty who have served for 90 consecutive days of active service are eligible Reservists and Members of the National Guard Dishonorably discharged veterans are ineligible for any type of VA home loan. Qualifying VA Income Salary/W-2 Income LES stipulated military income Part-time Income Second Job Bonus or Overtime Income Seasonal employment Self-employed Income Child support or Alimony (divorce decree and timely payments past 12 months
Read more: VA Loan Guidelines
If you’ve served in the active military for at least six months, or in the reserves or National Guard for six years, or a spouse of someone who meets these conditions, you’ll likely qualify. If you are approved, you’ll receive a document called a VA certificate of eligibility which will prove to lenders that you qualify for a VA loan. However, you don’t need one on hand to start the process. Lenders can get this document from the government on your behalf during pre-approval. Basic VA Service Requirements: Served for 90 consecutive days of active service in wartime, OR Served for 181 days of active service during peacetime, OR Has more than 6 years in the Reserves or Nations Guard Active-duty Servicepersons Servicepersons on active duty who have served for 90 consecutive days of active service are eligible Reservists and Members of the National Guard Dishonorably discharged veterans are ineligible for any type of VA home loan. Qualifying VA Income Salary/W-2 Income LES stipulated military income Part-time Income Second Job Bonus or Overtime Income Seasonal employment Self-employed Income Child support or Alimony (divorce decree and timely payments past 12 months

A VA loan borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay a VA home loan. A borrower who continuously makes late payments and/or has delinquent accounts would not be a good candidate for a VA loan.

The VA defines allowable fees and charges that the veteran borrower can pay or closing costs that may be charged for the VA loan. While closing costs can be covered by a VA mortgage, the same effect can be reached through careful structuring of your real estate contract.

2018 VA Loan Limits

The Veterans Administration doesn't limit on how much a lender can provide to finance your new home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money a VA home loan lender will lend you.

What Can A VA Loan Be Used For?

A VA home loan can be used for the following:

  • Use your VA for buying a new home
  • Remodel or Build a new home
  • Improve a home by installing energy-related features or making energy efficient improvements
  • Buy a manufactured home and/or lot
  • To refinance an existing VA-guaranteed home loan or direct loan for the purpose of a lower interest rate
  • To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home
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