VA Residual Income Requirements And Guidelines

VA Residual Income Requirements And Guidelines : VA Home Loans is the best loan program for owner occupant home buyers. However, not all borrowers can qualify for VA Loans. VA Mortgages are for eligible active-duty, retired, and/or surviving spouses. In order for borrowers to qualify for VA Loans, they need a valid Certificate of Eligibility by the VA. Our loan officers can help with the paperwork in obtaining the COE.

The main benefits for VA Loans is 100% financing
No down payment
No closing costs with sellers concessions and/or lender credit
Lower mortgage rates than conventional loans
No annual mortgage insurance premium
No minimum credit score requirements
No maximum debt to income ratio requirements
Upfront VA funding fee can be rolled into the VA Loan Balance
Maximum loan limit is $484,350 unless the property is in a high-cost area
Any purchases over $484,350, buyers need to put 25% on the overage of the $484.350
Very lenient credit guidelines
Borrowers can qualify for VA Loans 2 years after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
Borrowers passing the VA residual income test can exceed DTI over 60%. In this blog, we will discuss the important of the VA residual income test for borrowers with high debt to income ratio.

Read more https://gustancho.com/va-loans-residual-income

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