 How to Qualify for a VA Veteran's Loan
The following was a general overview of the Frequently Asked Questions of the VA Rehab Loan Program and a guide to figure out if this is the loan program for you.
Availability: Available in all areas, if you:
- Served in: Army, Air Force, Coast Guard, Marines, Navy, National Guard, Public Health Service
- Actively Served 90 Days Minimum
- Honorable Discharge
- General Discharge (under honorable conditions)
- Served after September 16, 1940
- Plan to use home for your Primary Residence
Type of Homes they finance: Most property types. Single Family Properties, Site Condos, Multi-Family Properties, Modular, Stick-Built, BOCA-Code, large parcels, and some unique properties will qualify. Attached Condominium Properties are acceptable if they are approved condominium projects. You can contact us to check on approved condominiums. Manufactured properties do NOT qualify.
The Documents you will need to Apply:
You Will Need Your DD214 Form (if retired)
Statement of Service (if active)
Copy of your LES (if active)
Proof of VA Rated Disability (if existing)
Prior 2 years' W2s or 1099s
Copy of Military I.D., Driver's License, or State I.D.
Down Payment Required: No Down Payment Required.
Mortgage Insurance: No Mortgage Insurance. 0-3.73% Funding Fee financed into loan (varies by entitlement)
Interest Rates: Little variance between lenders, though some shopping may still be required.
Maximum Loan Amount: Determined by your Entitlement amount
Income Limits: No Income Limits
Credit Requirement: 640 FICO with minimum credit requirements, though this may vary by lender. 36 months from Bankruptcy or Foreclosure with 3 reestablished lines of credit (no late payments allowed since the bankruptcy.)
Reserves: No reserves required.
Repair Escrow: Not Available
General Overview: Easy qualifying with 640 FICO score, no down payment, no mortgage insurance, the best loan for an eligible Veteran.
Back to the VA Main Page
For more in-depth information on VA Veterans Home Loan follow these links:
Call Today toll-free at 866-342-5966
or Local: 810-953-4266
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Icon Mortgage Lending
As Heard On:
Certified By:
The Icon Mortgage Lending Team is comprised ONLY of Nationally Certified Mortgage Loan Originators approved through the NMLS Nationwide Mortgage Licensing System
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