A VA loan is a mortgage option available to Veterans, service members, and certain military spouses. Backed by the U.S. Department of Veterans Affairs, these loans offer significant benefits, including no down payment requirements, competitive interest rates, and reduced closing costs.
To be eligible for a VA loan, you must meet the following criteria:
Standard VA loans range from $50,000 to $2.5 million for eligible borrowers. However, if you’re looking to purchase a higher-value home, a VA Jumbo loan is an excellent option with no upper limit.
When applying for a VA loan, your income and Debt-to-Income (DTI) ratio are important factors. While the VA typically recommends a DTI ratio of around 41%, at MARQ Mortgage, we can go up to 65%, allowing more flexibility for borrowers with higher debt obligations.
In addition to DTI, the VA considers your residual income—what’s left after major expenses—to ensure you can comfortably afford your loan. Stable income, typically from at least two years of employment or reliable sources, is also required.
For military families, allowances like Basic Allowance for Housing (BAH) can be included as income.
Your credit score is determined by factors such as the types of credit you have (ie. credit cards, student loans, auto loans, etc.) how long you’ve had them, how much credit you're using, and how well you pay your bills.
VA loans have flexible credit requirements. While many lenders prefer higher scores, MARQ Mortgage accepts scores as low as 500. Higher scores may secure better rates and terms.
The VA mortgage process typically takes around 30 to 60 days from start to finish, depending on various factors.
Your journey to homeownership begins with knowledge and ends with the keys to your dream home in hand. Let’s take the first step today and turn your homeowning dreams into reality. Work with us today!