Income and Credit Requirements
VA-guaranteed loans are available for homes for your own personal occupancy. To be eligible, you must have a good credit score (Minimum Credit Score of 640), sufficient income, a valid Certificate of Eligibility (COE), and meet certain service requirements. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan. Though there are exceptions and various exist for different situations and this should only be considered a baseline.
Borrowers are eligible 2 years or more after foreclosure completion, 2 years after discharge of a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, at least 1 year or more must have elapsed after the filing of a Chapter 13 bankruptcy and there must be evidence a borrower is at least 12 months into a payment plan and all payments have been made on time and court grants permission to qualify for an ORVET mortgage.