requirements of law for getting a VA loan

You must be an eligible veteran who has available home loan entitlement (except in the case of an interest rate reduction refinancing loan - see Interest Rates(

The loan must be for an eligible purpose;

You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan;

You must have enough income to meet the new mortgage payments on the loan, cover the costs of owning a home, take care of other obligations and expenses,

and still have enough income left over for family support (a spouse's income is considered in the same manner as the veteran's); and you must have a good credit record.

The Guaranty

VA guaranteed loans are made by private lenders such as banks, savings and loan associations, or mortgage companies. To get a loan, you apply to the lender. If the loan is approved, VA guarantees the loan when it is closed. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan.