30 Years of
Mortgage Experience

NMLS# 3700

215-396-8101 or 877-214-9417

30 Years of
Mortgage Experience

NMLS# 3700

215-396-8101 or 877-214-9417

Sunday, June 25, 2017
|

Mortgage Applications

 

 

 

Mortgage Applications

 

 

 

Obtaining a VA Loan

To obtain a VA loan, the law requires that:

The applicant must be an eligible veteran who has available entitlement.

  • The loan must be for an eligible purpose.
  • The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan.
  • The veteran must be a satisfactory credit risk.
  • The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support. An experienced mortgage lender will be able to discuss specific income and other qualifying requirements.

Source: VA Home Loans – A Quick Guide for Homebuyers and Real Estate Professionals, www.benefits.va.gov/homeloans/vap26-91-1.asp