Not everyone qualifies for a VA loan.
VA loans are specifically designed for eligible U.S. military veterans, active-duty service members, and some surviving spouses. Here are the basic eligibility requirements for a VA loan:
You must meet one of the following service requirements:
VA loans require borrowers to have a satisfactory credit score and sufficient income to cover the loan payments and other housing-related expenses.
The property purchased with a VA loan must be the borrower’s primary residence.
Property requirements: The property must meet the VA’s Minimum Property Requirements (MPR), which ensure the home is safe, sound, and sanitary.
Lenders may have additional requirements for borrowers, such as stricter credit score or debt-to-income ratio thresholds.
To know more about VA loans, give Sprint Funding a call.