Like the other government-backed home loans, VA loans are focused on helping borrowers purchase primary residences. The VA loan program isn’t intended to help people build an empire of rental properties or vacation homes.
Prospective buyers can look to land a VA home loan using part-time income. But you’ll typically need a solid track record of receiving that income to make it work.
Veterans and service members can look to qualify for a VA home loan using retirement income, which is great news for many homebuyers. You will need to be able to verify this income in order to qualify for the home loan.
Lenders consider your gross monthly income when evaluating what kind of mortgage you can afford. In other words, they’re looking at your major monthly debts in relation to your pre-tax income.
Just like veterans and military members families are eligible for a VA home loan, the U.S. Public Health Service and the National Oceanic and Atmospheric Administration are also qualified, meaning they can secure $0 down payment mortgage.
Wondering whether an Energy Efficient Mortgage is right for you? There are a lot of options when it comes to the VA loan, and an EEM is just one of the many ways to maximize your hard-earned benefit.
Qualifying for a VA loan after bankruptcy is certainly possible, often in a shorter period than you would with a conventional loan.
Each year, most VA loans are made to veterans. However, active duty service members and those still serving in the National Guard and Reserves can absolutely look to use their VA home loan benefits.
The VA does have a form of home requirements, known as the Minimum Property Requirements, to ensure the property is a safe and sound investment for the homebuyer.
Short sales often get lumped together with foreclosure and its offshoot, the deed-in-lieu of foreclosure. But these aren't the same thing, and that can make a huge difference for homebuyers.
It’s absolutely possible for applicants to earn VA loan approval if they have been employed at their current job for less than two years. But it depends on your specific income and employment situation, the lender and more.
Water testing-related issues can prove especially difficult for homebuyers. Learn about VA water test requirements and what to expect if your prospective home is not connected to a public water system.