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Saint Paul Regional Office
Regional Loan Center
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Frequently Asked Questions
| Please click below for questions regarding the following topics: |
| Eligibility |
| Pre-Loan |
| Post-Loan |
| Construction and Valuation |
| Property Management |
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| Click here if you are experiencing problems with The Appraisal System (TAS). |
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| Q. What is the maximum loan amount VA will guarantee? |
| A. VA does not have a maximum loan amount. It is understood that lenders must generally have at least 25% of the loan guaranteed by VA to sell the loan on the secondary market. |
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| Q. Can a veteran purchase a home with someone other than his or her spouse? |
| A. The veteran can purchase a home with any individual they choose, but VA will only guarantee the portion of the loan attributed to the veteran and a spouse. For example, if a veteran intends to purchase a home with a fiancée prior to marriage and will share the same interest in the property, VA would guarantee half of the loan. |
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| Q. What length of time should the applicant be self-employed to consider it a source of income? |
| A. VA prefers the applicant to be self-employed for a two-year period. The underwriter may consider a candidate that has a full year of documented self-employment and past regular employment or education in the same line of work. More information concerning self-employment income can be found in Chapter 4 of the VA Lender's Handbook. |
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| Q. Can part-time employment be considered as additional income for an applicant that also has a full time job? |
A. VA requires that overtime, part-time, and bonus income is documented as consistent over a two-year period and is likely to continue. This is to show that the income is stable and the veteran is able to work beyond the normal work hours over a long period. If the income has been received consistently for twelve months and is likely to continue, the underwriter may choose to offset debt with this income. More information concerning qualifying income can be found in Chapter 4 of the VA Lenders Handbook.
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| Q. What do the Certificate of Eligibility Entitlement Codes mean? |
A. 1 World War II (9/16/40 - 7/25/47)
2 Korean (6/27/50 - 1/31/55)
3 Post Korean (2/1/55 - 8/4/64)
4 Vietnam Era (8/5/64 - 5/7/75)
5 Entitlement Previously Excluded
6 Unmarried Surviving Spouse
7 Spouse of POW/MIA
8 PL 94-324 (7/26/47 - 6/26/50)
9 Post-Vietnam Era (after 5/7/75)
10 Persian Gulf Conflict
11 Selected Reserve/National Guard
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| Reviewed/Updated Date: July 22, 2008 |
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