The VA does not set a minimum credit score. Lenders set their own minimums, and they vary from lender to lender. If someone told you your score is too low, it may be worth a second opinion.

The VA does not set a maximum. A 41% debt-to-income ratio is a guideline that triggers a closer look, not a cap. Approval depends on the automated underwriting findings and your residual income, the money left each month after major expenses.

Residual income is what your household has left each month after the mortgage, debts, taxes, and estimated utilities and maintenance. The VA sets minimums by family size, loan amount and region. Strong residual income can offset a higher debt-to-income ratio.

Yes. Disability compensation is usually stable and long-lasting, so it counts toward qualifying. Because it's tax-free, lenders can often count it at a higher, grossed-up amount.

Yes. Basic Allowance for Housing, Basic Allowance for Subsistence and other regular military allowances shown on your Leave and Earnings Statement can count as income.

If your student loans are deferred for at least 12 months past closing, they generally aren't counted. Otherwise, lenders typically use your actual payment or a VA formula based on the balance, whichever applies to your situation.

Often, yes. The VA doesn't require every collection account to be paid off. Judgments and delinquent federal debts are different: they usually need to be paid or on an approved repayment plan.

Generally two years after a Chapter 7 discharge, or after 12 months of on-time Chapter 13 payments with court approval. Foreclosure usually means about two years. See VA loans after bankruptcy or foreclosure.

Not if you have full entitlement. Since 2020, veterans with full entitlement have no VA loan limit, so your budget and the lender's guidelines set the ceiling. Loan limits still apply if part of your entitlement is tied up in another loan.

Entitlement is the amount the VA promises to repay the lender if the loan goes into default. That guaranty is what lets lenders offer VA loan terms. Most first-time VA borrowers have full entitlement.

Yes, if you have enough remaining entitlement. This often comes up when a service member gets orders, keeps the first home as a rental and buys again near the new duty station. Our entitlement estimator gives a rough picture.

When you sell the home and pay off the VA loan, you can have your entitlement restored. You can also restore it one time if you pay off the loan and keep the home. If a qualified veteran assumes your loan and substitutes their own entitlement, yours is freed up.

Yes. There's no limit on how many times you can use the benefit, as long as you have entitlement available and meet the occupancy rule each time.

Yes. VA loans are assumable by qualified buyers with lender approval, veteran or not. If the buyer isn't a veteran substituting their entitlement, your entitlement stays tied to the loan until it's paid off.

Many VA purchases close in about 30 to 45 days, depending on the contract, the appraisal and how quickly documents come in. FLO Mortgage's average close is 14 days, and your timeline depends on your contract and your file.

Some sellers have outdated ideas about VA loans. A strong pre-approval, a loan officer who calls the listing agent, and a clean timeline go a long way. VA loans close reliably when the lender knows the process.

Yes. You must intend to live in the home as your primary residence, generally moving in within about 60 days of closing. If you're deployed, a spouse or, in some cases, a dependent child can meet the occupancy rule.

Yes, through VA construction loans or by buying a newly built home from a builder. Fewer lenders offer construction loans, so ask us what's available in your area.

No. A VA loan must be for a home you'll live in. You can, however, keep a home you bought with a VA loan as a rental after you move, and possibly buy again with remaining entitlement.

Yes, in many cases. Unremarried surviving spouses of veterans who died in service or from a service-connected condition may qualify, and those receiving DIC pay no funding fee. See VA loans for surviving spouses.

Yes. A non-veteran spouse can be a co-borrower, and their income and credit are considered along with yours.

Often, yes. Lenders can use your orders to document income and your intent to occupy the new home, so you can line things up before you arrive.

If your former spouse keeps the home, your entitlement stays tied to that loan until it's paid off or refinanced. Child support and alimony you pay count as debts when you qualify for a new loan.

FLO Mortgage is a mortgage broker. We arrange VA loans through VA-approved wholesale lenders, which lets us compare options and look for a lender whose guidelines fit your file. FLO Mortgage is not affiliated with or endorsed by the Department of Veterans Affairs.

Not necessarily. There's no monthly mortgage insurance, the VA limits the fees you can be charged, and the funding fee is waived for many veterans. Ask us for a side-by-side comparison with other options.