Wisconsin VA Loans: Getting Qualified

Although the Wisconsin VA mortgage is a great program for veterans looking to purchase a home, there are a few qualifications that need to be met in order to get their loan approved. Here is a brief outline of the basic requirements.

Loan Eligibility
To be considered a veteran most people need to serve at least 2 full years in active service. People who have served in the reserves may be eligible after 6 years. There are few exceptions for people discharged from the service early due to medical reasons as well as for spouses.

Income
A person’s outstanding monthly debt payments, along with their proposed mortgage payment, cannot be more than 41% of their monthly gross income. In addition, borrowers will need to provide sufficient documents proving their income for the last two years.

Credit History
The VA looks at the most recent 12 months of a person’s credit history to determine their credit worthiness. Generally speaking a person must make all of their debt payments on time for at least 12 months in order to be considered for the VA mortgage loan.

Certificate of Eligibility
In order to begin the qualification work on a VA home loan the borrower will need the Certificate of Eligibility. This is the form that declares the veteran has met the necessary service requirements and is eligible to apply for a VA loan. I can assist a veteran in applying for the form online.

For additional VA loan information, please visit our Wisconsin VA Loans page or for larger loan amounts (over $417,000) visit our Wisconsin VA Jumbo Loans page!

Contact me below or apply online to determine if you qualify for a VA loan!