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VA Approval Requirements
The Veteran Home Loan Guaranty program (click link) was first instituted in 1944. The purpose behind the loan program was to ease the adjustment of postwar economic problems for the millions of veterans serving the armed forces. While there have been some changes to the VA Loan program over the years, the law requires you to meet the following five criteria to obtain a home loan.
Applicant must be an eligible veteran with available loan entitlement.
The loan has to be used for an eligible purpose as defined by the VA.
The home must be occupied or the veteran must intend to occupy the home within a reasonable amount of time after loan closing.
The applicant must have a good credit record and not present a credit risk.
The income of the veteran must be enough to make the mortgage payments, other associated home costs, living expenses and family support.
Based on information from California Regional Multiple Listing Service, Inc. as of 2019-08-18. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.