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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.

Anonymous
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

 

Jun 06, 2009 10:31 AM
#1