What are the basic VA financial qualification standards?
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Under VA rules, in general terms up to 41 percent of your monthly income can be used property mortgage principal, mortgage interest, property taxes, and property insurance (PITI). Up to 41 percent of your income can be used for PITI plus monthly bills such as car payments, student loans, etc.
This means that if you do not owe money for credit card bills, auto payments, and other monthly debt, up to 41 percent of your monthly income can be used to buy a home. This high qualification ratio plus nothing down makes the VA program one of the best available for those who wish to buy as much house as possible for a given income.
VA lenders will generally loan up to the conventional limit with nothing down. However, with cash in the deal, or with equity when refinancing, larger loan amounts may be available.
The VA program is enormously buyer-friendly — the idea is to help people with appropriate federal service. If you have such service, be certain to speak with lenders and brokers regarding the latest loan qualification standards.
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