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VA home loan requirements for 2024. Jeff Ostrowski. December 21, 2023 at 12:54 PM. ... You must meet the lender’s underwriting requirements, including those for credit and income.
For 2024, the limit in most counties is $766,550. In more expensive areas, that limit can go up to $1,149,825. Lastly, you can only use a VA loan with a primary residence; investment properties ...
Updated May 3, 2024 at 1:50 PM. ... VA loans: No minimum requirement, but generally 620. ... ask lenders about their specific eligibility requirements before applying.
The most well-known guideline is the size of the loan, which for 2024 was generally limited to $766,550 for one-unit single family homes in the continental US. [2] Other guidelines include borrower's loan-to-value ratio (i.e. the size of down payment ), debt-to-income ratio , credit score and history, documentation requirements, etc. [ 3 ]
Credit is what the underwriter uses to review how well a borrower manages his or her current and prior debts. Usually documented by a credit report from each of the three credit bureaus, Equifax, Transunion and Experian, the credit report provides information such as credit scores, the borrower's current and past information about credit cards, loans, collections, repossession and foreclosures ...
For example, if you have a lower credit score, an FHA loan may be the best option for you because they come with lower credit requirements than a conventional mortgage. VA and USDA loans require ...