VA Mortgage Loan
DO I NEED A DOWN PAYMENT?
One of the great benefits of using a VA loan is that you can do the loan with no money down (up to the VA maximum loan amount of $417,000) and many times without having to pay money out of pocket for your closing costs, either.
Satisfactory residual income: Veteran Loans require that borrowers have a certain amount of "residual" income available to them after making all mortgage and credit payments each month.
Employment Stability: The veteran, and the veteran's spouse, if they choose to be on the loan, should have been working in the same line of work for the past two years. In addition, the employment must be expected "to continue during the foreseeable future". Any gaps in employment must be explained before a decision can be made.
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