Here’s another pretty cool tool you can use to avoid this entire rigmarole. The “One-Time Restore”. If you have a home you purchased with a VA loan that is currently paid off, you can request a one-time restore of your full eligibility without disposing of the property. The VA will only allow you to do this once in a lifetime. Which I hope they remove that stipulation one day. Nevertheless, it will come in handy for the veteran that needs or wants to hang onto their property.
Now whether you’re a veteran who will not have a limit to how much house they can buy, or you’ll be limited by the amount of entitlement you currently have in use; you still must have the ability to repay the loan. Just because the VA doesn’t have a loan limit, that does not mean a lender is going to lend you enough money to buy a million dollar estate on a firefighter’s salary.
The VA program not having a maximum purchase price ensures veterans of all income levels can take advantage of all the benefits of the program. But you’ll still need to credit and income qualify for the home you want to buy.
Now that you understand that potentially the only thing limiting your purchase price is your income, you may be asking what sources of income can you use to qualify. So be sure to check out my video “what sources of income can you qualify with” where I’ll be giving you a breakdown of different income sources, and how they’re observed by lenders.