VA Loan Requirements

Contrary to popular belief, the application process to have a VA loan approved is actually a lot simpler than it was several years ago. Now, to be able to have a VA loan, you just have to comply with a set of conditions and requirements. Below are the things an applicant should have/be to be able to have his VA loan approved:

1) He must be a veteran who is legally eligible, and he should also have an available entitlement.

2) The loan must be utilized for a valid purpose.

3) The veteran must occupy or should have a definite plan to occupy the property as his residence within an acceptable length of time after the loan has been closed.

4) The veteran must have a satisfactory credit risk.

5) If applicable, the salary and source of income of the veteran and the spouse must have proof that it’s sufficient and enough to take care of mortgage payments, pay the bills related to owning a house, shoulder other costs, and still leave an acceptable amount to support the family.

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