borrow to purchase the home. An appraisal is not the same as an inspection and although an inspection may not be required, it is always a good idea to have one to make sure there are no major defects or safety hazards in hiding. The lender will still need to approve you for a loan and will look at your income, credit history, and other assets such as savings, retirement accounts, and investments to determine if you qualify and how much they will lend you. While the VA does not require veterans meet a minimum credit score, the lender may have requirements, so be sure to shop around and find a lender that meets you where you are.
Loan Limits and Entitlement
As of Jan. 1, 2020, there are no maximum limits for a VA home loan over $144,000 for eligible veterans, service members, and survivors, provided they have full entitlement to their VA loan — meaning they have met one of the following criteria: • Have never used their VA benefits to apply for a mortgage • Have paid their previous VA loan in full and sold the home • Have used their VA home loan benefit but had a foreclosure or compromise claim (also called a short sale) and repaid the VA in full. Your only limitation is how much of a mortgage you can afford and how much money the lending agency will loan you based on your finances.
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