VA Loans are backed by the department of veteran affairs. There are many different types of loans available from adjustable interest to short and long-term fixed loans.
- A Certificate of eligibility(issued by the VA). If you don’t have one, you can easily apply for one through the VA.
- A minimum FICO score of 620
- A Debt to income ratio (DTI) of no more than 60%
- Money to cover the funding fee’s charged by the VA.
**This may be rolled into your loan.
**There are circumstances in which these fees are waived.
- The service member, vet, or spouse must move into the property within 30 days of purchase. There are exceptions, including deployment.
- The property must be your primary place of residence(not a vacation home or rental property).