VA loans are mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) and are available to eligible veterans, active-duty service members, and surviving spouses.

Qualification:

• To be eligible for a VA loan, individuals must meet certain criteria, including serving a minimum period of active duty, being discharged under honorable conditions, or being a surviving spouse of a service member who died in the line of duty.

Credit Score:

• While there is no specific minimum credit score requirement, most lenders prefer a credit score of at least 620.

Down Payment:

• VA loans offer the benefit of no down payment requirement for most borrowers.

Debt-to-Income Ratio:

• The maximum debt-to-income ratio allowed for VA loans is typically 41%, although some lenders may be flexible with higher ratios.

Stable Income:

• Borrowers must have a stable and reliable income, typically demonstrated through employment history or other sources of income.

Proof of Assets:

• While not always required, some lenders may request proof of assets to ensure the borrower has sufficient funds for closing costs and reserves.

It is important to note that specific requirements may vary depending on the lender and individual circumstances. Consulting with an VA-approved lender is recommended for detailed information and to determine eligibility.