When the VA automatic underwriter analyzes credit for a VA loan borrower, they do take into consideration the whole picture.
- What is a VA Loan?
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- VA Loan Closing Costs
- Debt to Income Ratios
- VA Funding Fees
- VA Credit Issues
- Occupancy Laws
- Co-signors/Joint Loans
- VA Loan Checklist
- Ability to Borrow
- Loan Affordability
- Payment Calculator
- Amortization Schedule
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- Loan Affordability
- Payment Calculator
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- VA Loan Overview
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- VA Loan Fact Sheet
- Guide to VA Loans
- VA Construction Loans
- Manufactured Homes
- For Native Americans
- VA Loan Fact Sheet
VA Loan Guidelines
VA Mortgage Debt-to-Income Ratios
According to VA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.
TOTAL FIXED PAYMENT TO EFFECTIVE INCOME
Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, homeowners' dues, etc.) and all recurring monthly revolving and installment debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 41%. In the event the number exceeds the 41%, the VA has a residual income guideline which can allow approval, yet are not considered a compensating factor.
VA Loan Rates
for 11/07/2009
Personal loans from $500 to $10,000
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Military guidelines, regulations, and benefits are introduced each year for everything from Military Pay Charts to your VA Loan benefits. We can help you stay informed.> More: 2009 Military Charts
