Requirement for a VA loan approval

By
Mortgage and Lending with Summit Mortgage Corporation

REQUIREMENTS FOR LOAN APPROVAL

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.

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Barry Mcknight

In order to do a VA refinance loan are you required to redo a quit claim deed to close on the loan. Any information would be greatly appreciated

Thank

Barry Mcknight

 

June 06, 2009 05:31 PM #1
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Rainer
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Joe Schmitz

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