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However, lenders can and do set their own underwriting requirements, and many want to see a credit score for VA loans of 620 or higher. Debt-to-income (DTI) ratio for VA loans. While the VA doesn ...
The VA loan process also involves getting your new home appraised, going through mortgage underwriting and closing on the loan. Eligible veterans, active-duty personnel and surviving spouses ...
Flexible qualification criteria: The relaxed credit and income requirements on a VA loan make qualifying easier. (Note: The eligibility guidelines are more stringent for VA cash-out refinance loans).
However, guidelines for debt-to-income ratio are more conservative for manually underwritten loans, and few loans sent for second-level review are approved. There are also circumstances that DU cannot assess, and thus require a downgrade to manual underwriting.
Usually, no appraisal or income documentation is required for a VA IRRRL, and there are no credit underwriting rules. ... While the U.S. Department of Veterans Affairs doesn’t have any specific ...
Low-doc loans carry a higher interest rate and were theoretically available only to borrowers with excellent credit and additional income that may be hard to document (e.g. self-employment income). As of July 2010, no-doc loans were reportedly still being offered, but more selectively and with high down payment requirements (e.g., 40%). [4]