• Maximum debt ratio is 46% and veteran must meet the residual requirement with compensating factors
• Although there is no minimum FICO, the veteran must meet the ratio requirement and have residual income 120% over that required for family size
• Verification of rent or 12 months cancelled checks for the last 12 months’ rental history with no lates
• No derogatory credit within the past 12 months
• Letter of explanation for any derogatory credit and credit inquiries
• VA considers open collections as recent derogatory credit; this would count if the collection was reported within the last 12 months. Recent short sale of a previous mortgage or a previous foreclosure for the veteran or the non-purchasing spouse will be a substantial negative issue in a veteran’s credit review
• No down payment assistance programs allowed
• Any VA cash-out refinance cannot exceed 90% LTV/CLTV
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