VA Mortgage Guidelines from The Busch Team, local mortgage lender in DC Metro, NW DC (DuPont, Logan, Georgetown)
The Busch Team, local mortgage lender in DC Metro, NW DC (DuPont, Logan, Georgetown)
VA Mortgage Guidelines
There is a lot of information – both good and bad – about VA Loans and the guidelines for how to qualify for a VA Loan as well as what a borrower can use a VA Loan for.
Basic VA Loan Uses
- To purchase or construct a residence to be owned and occupied by the veteran as a home.
- To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate.
- To repair, alter, or improve a residence owned by the veteran and occupied as a home.
- To simultaneously purchase and improve a home.
- To purchase a farm residence to owned and occupied by the veteran as a home.
- To purchase a one-family residential unit in a condominium housing development approved by VA.
VA Loans cannot be used for Land Loans or Investment Properties.
Occupancy
There is also an occupancy requirement for a VA Loan that the borrower obtaining the VA Loan make the home his or her primary residence. For refinance purposes, if a home has been purchased with a VA Loan, however the homeowner has been relocated, the homeowner is still eligible to obtain a VA IRRRL Refinance based on previous occupancy of the home.
A homeowner planning to move into the home after purchasing within a "reasonable time" has 60 days to move into the home. However that time line can be exceeded if:
- The Veteran certifies that he or she will personally occupy the property as his or her home at a specific date after loan closing.
- There is a particular future event that will make it possible for the veteran to personally occupy the property as his or her home on a specific future date.
VA generally does not consider occupancy at a date beyond 12 months after loan closing reasonable.
Income
The following are primarily what a VA-Approved Underwriter will look at when it comes to your income, based on the ability to verify and identify income available to cover:
- The Mortgage Payment
- Debts and Obligations
- Family Living Expenses
- Any other Shelter-related expenses
The VA also wants to make sure that the verified income is:
- Stable and Reliable
- Anticipated to continue during the foreseeable future
- Sufficient in amount
The VA requires a 12-month working history, proving that you’ve been at the same job for at least 12 months, however most VA Lenders require at least a 24-month working history in the same field. Changing employers in that timeframe are acceptable; however you may be required to include a letter of explanation for the change. Second or part-time jobs can also be included towards your income; however the VA does require a 24-month history of working a second or part-time job.
Credit
The VA does not stipulate that a borrower must have a minimum credit score to qualify for a VA Loan, however most VA Lenders do and they look at the last 12 months of your credit history to ensure you've made timely payments and had few to no late payments. Regarding Bankruptcies, the VA requires a borrower be 24 months removed from a discharged Ch. 7 Bankruptcy and 12 months removed from a discharged Ch. 13. A foreclosure on a borrower's credit history does not disqualify that veteran from a VA Loan, however in most cases the foreclosure needs to be 24-36 months removed before most VA Lenders will accept a new VA Loan application. If the foreclosure was on a VA Loan, the borrower has lost his or her VA Home Loan Entitlement. The Department of Veterans Affairs’ Loan Guaranty program does notimpose a maximum amount that an eligible veteran may borrow using a VAguaranteed loan. However, the following county “limits” must be used tocalculate VA’s maximum guaranty amount for a particular county.
The Busch Team, local mortgage lender in DC Metro, NW DC (DuPont, Logan, Georgetown)
Lending Limits by County
2010 VA County Loan Limits for High-Cost Counties
The maximum guaranty amount (available for loans over $144,000) is 25percent of the 2010 VA Limit shown below. Therefore, a veteran with full entitlement available may borrow up to the 2010 VA Limit shown below and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly. Lenders should check their own investor requirements regarding guaranty amounts and down payments.
AK ALEUTIANS EAST $625,500 DENVER AK ALEUTIANS WEST $625,500 DENVER AK ANCHORAGE $625,500 DENVER AK BETHEL $625,500 DENVER AK BRISTOL BAY $625,500 DENVER AK DENALI $625,500 DENVER AK DILLINGHAM $625,500 DENVER AK FAIRBANKS NORTH $625,500 DENVER AK HAINES $625,500 DENVER AK JUNEAU $625,500 DENVER AK KENAI PENINSULA $625,500 DENVER AK KETCHIKAN GATEWAY $625,500 DENVER AK KODIAK ISLAND $625,500 DENVER AK LAKE AND PENINSULA $625,500 DENVER AK MATANUSKA-SUSITNA $625,500 DENVER AK NOME $625,500 DENVER AK NORTH SLOPE $625,500 DENVER AK NORTHWEST ARCTIC $625,500 DENVER AK PRINCE OF WALES $625,500 DENVER AK SITKA $625,500 DENVER AK SKAGWAY-HOONAH-ANGOO $625,500 DENVER AK SOUTHEAST FAIRBANKS $625,500 DENVER AK VALDEZ-CORDOVA $625,500 DENVER AK WADE HAMPTON $625,500 DENVER
AK WRANGELL-PETERS $625,500 DENVER
MA MIDDLESEX $475,000 MANCHESTER MA NANTUCKET $1,094,625 MANCHESTER MA NORFOLK $475,000 MANCHESTER MA PLYMOUTH $475,000 MANCHESTER MA SUFFOLK $475,000 MANCHESTER MD ANNE ARUNDEL $487,500 ROANOKE MD BALTIMORE $487,500 ROANOKE MD BALTIMORE CITY $487,500 ROANOKE MD CALVERT $768,750 ROANOKE MD CARROLL $487,500 ROANOKE MD CHARLES $768,750 ROANOKE MD FREDERICK $768,750 ROANOKE MD HARFORD $487,500 ROANOKE MD HOWARD $487,500 ROANOKE MD MONTGOMERY $768,750 ROANOKE MD PRINCE GEORGE'S $768,750 ROANOKE MD QUEEN ANNE'S $487,500 ROANOKE MP NORTHERN ISLAND $550,000 HONOLULU MP ROTA $430,000 HONOLULU MP SAIPAN $553,750 HONOLULU MP TINIAN $557,500 HONOLULU NC CAMDEN $940,000 ATLANTA NC CURRITUCK $460,000 ATLANTA NC PASQUOTANK $940,000 ATLANTA NC PERQUIMANS $940,000 ATLANTA NH ROCKINGHAM $475,000 MANCHESTER NH STRAFFORD $475,000 MANCHESTER NJ BERGEN $681,250 CLEVELAND NJ ESSEX $681,250 CLEVELAND NJ HUDSON $681,250 CLEVELAND NJ HUNTERDON $681,250 CLEVELAND NJ MIDDLESEX $681,250 CLEVELAND NJ MONMOUTH $681,250 CLEVELAND NJ MORRIS $681,250 CLEVELAND NJ OCEAN $681,250 CLEVELAND NJ PASSAIC $681,250 CLEVELAND NJ SOMERSET $681,250 CLEVELAND NJ SUSSEX $681,250 CLEVELAND NJ UNION $681,250 CLEVELAND NY BRONX $681,250 MANCHESTER NY KINGS $681,250 MANCHESTER NY NASSAU $681,250 MANCHESTER NY NEW YORK $681,250 MANCHESTER NY PUTNAM $681,250 MANCHESTER NY QUEENS $681,250 MANCHESTER NY RICHMOND $681,250 MANCHESTER NY ROCKLAND $681,250 MANCHESTER NY SUFFOLK $681,250 MANCHESTER NY WESTCHESTER $681,250 MANCHESTER PA PIKE $681,250 CLEVELAND UT SALT LAKE $516,250 DENVER UT SUMMIT $516,250 DENVER UT TOOELE $516,250 DENVER VA ALEXANDRIA $768,750 ROANOKE VA AMELIA $566,250 ROANOKE VA ARLINGTON $768,750 ROANOKE VA CAROLINE $566,250 ROANOKE VA CHARLES CITY $566,250 ROANOKE VA CHESAPEAKE $460,000 ROANOKE VA CHESTERFIELD $566,250 ROANOKE VA CLARKE $768,750 ROANOKE VA COLONIAL HEIGHT $566,250 ROANOKE VA CUMBERLAND $566,250 ROANOKE VA DINWIDDIE $566,250 ROANOKE VA FAIRFAX $768,750 ROANOKE VA FAIRFAX IND $768,750 ROANOKE VA FALLS CHURCH $768,750 ROANOKE VA FAUQUIER $768,750 ROANOKE VA FREDERICKSBURG $768,750 ROANOKE VA GLOUCESTER $460,000 ROANOKE VA GOOCHLAND $566,250 ROANOKE VA HAMPTON $460,000 ROANOKE VA HANOVER $566,250 ROANOKE VA HENRICO $566,250 ROANOKE VA HOPEWELL $566,250 ROANOKE VA ISLE OF WIGHT $460,000 ROANOKE VA JAMES CITY $460,000 ROANOKE VA KING AND QUEEN $566,250 ROANOKE VA KING WILLIAM $566,250 ROANOKE VA LANCASTER $452,500 ROANOKE VA LOUDOUN $768,750 ROANOKE VA LOUISA $566,250 ROANOKE VA MANASSAS $768,750 ROANOKE VA MANASSAS PARK $768,750 ROANOKE VA MATHEWS $460,000 ROANOKE VA NEW KENT $566,250 ROANOKE VA NEWPORT NEWS $460,000 ROANOKE VA NORFOLK $460,000 ROANOKE VA PETERSBURG $566,250 ROANOKE VA POQUOSON $460,000 ROANOKE VA PORTSMOUTH $460,000 ROANOKE VA POWHATAN $566,250 ROANOKE VA PRINCE GEORGE $566,250 ROANOKE VA PRINCE WILLIAM $768,750 ROANOKE VA RICHMOND IND $566,250 ROANOKE VA SPOTSYLVANIA $768,750 ROANOKE VA STAFFORD $768,750 ROANOKE VA SUFFOLK $460,000 ROANOKE VA SURRY $460,000 ROANOKE VA SUSSEX $566,250 ROANOKE VA VIRGINIA BEACH $460,000 ROANOKE VA WARREN $768,750 ROANOKE VA WILLIAMSBURG $460,000 ROANOKE VA YORK $460,000 ROANOKE VI ST. CROIX $625,500 ST. PETERSBURG VI ST. JOHN $651,250 ST. PETERSBURG VI ST. THOMAS $625,500 ST. PETERSBURG WA KING $481,250 DENVER WA PIERCE $481,250 DENVER WA SAN JUAN $505,000 DENVER WA SNOHOMISH $481,250 DENVER WV JEFFERSON $768,750 ROANOKE WY TETON $703,750 DENVER
The Busch Team, local mortgage lender in DC Metro, NW DC (DuPont, Logan, Georgetown)
AK YAKUTAT CITY $625,500 DENVER
AK YUKON-KOYUKUK $625,500 DENVER
CA ALAMEDA $962,500 PHOENIX
CA CONTRA COSTA $962,500 PHOENIX
CA EL DORADO $418,750 PHOENIX
CA LOS ANGELES $593,750 PHOENIX
CA MARIN $962,500 PHOENIX
CA MONO $512,500 PHOENIX
CA NAPA $443,750 PHOENIX
CA NEVADA $418,750 PHOENIX
CA ORANGE $593,750 PHOENIX
CA PLACER $418,750 PHOENIX
CA SACRAMENTO $418,750 PHOENIX
CA SAN BENITO $633,750 PHOENIX
CA SAN DIEGO $437,500 PHOENIX
CA SAN FRANCISCO $962,500 PHOENIX
CA SAN LUIS OBISPO $487,500 PHOENIX
CA SAN MATEO $962,500 PHOENIX
CA SANTA CLARA $633,750 PHOENIX
CA SANTA CRUZ $568,750 PHOENIX
CA VENTURA $486,250 PHOENIX
CA YOLO $418,750 PHOENIX
CO EAGLE $760,000 DENVER
CO HINSDALE $465,000 DENVER
CO LAKE $760,000 DENVER
CO OURAY $462,500 DENVER
CO PITKIN $1,094,625 DENVER
CO ROUTT $563,750 DENVER
CO SAN MIGUEL $1,094,625 DENVER
CO SUMMIT $712,500 DENVER
CT FAIRFIELD $558,750 MANCHESTER
DC DISTRICT OF COLUMBIA $768,750 ROANOKE
FL MONROE $425,000 ST. PETERSBURG
GA GREENE $508,750 ATLANTA
GU GUAM $625,500 HONOLULU
HI HAWAII $625,500 HONOLULU
HI HONOLULU $700,000 HONOLULU
HI KALAWAO $625,500 HONOLULU
HI KAUAI $625,500 HONOLULU
HI MAUI $625,500 HONOLULU
ID TETON $703,750 DENVER
MA DUKES $606,250 MANCHESTER
MA ESSEX $475,000 MANCHESTER
NOTE: For all counties other than those listed below, the 2010 Limit is $417,000.
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First Savings Mortgage is licensed by the Virginia State Corporation Commission (MLB-136).