Veteran Loans
Thank you for your service and we thank your family for their sacrifice.
I am a Veteran-Does KeySavings Bank have a program for me
For eligible active-duty service members, veterans and surviving spouses, the VA loan may suit your needs. The benefits-no down payment required and a funding fee between less than 4% depending on the size of your down payment or equity amount and whether it’s your first or a subsequent use of a VA loan. This can be paid at closing or rolled into the loan instead of mortgage insurance.
Important Underwriting Criteria:
No maximum debt to income ratio-see below for details.
No maximum loan amount.
No minimum credit score is required.
Sufficient residual income to ensure the Veteran can afford the loan. (see below)
What Income do I need to Qualify
Sometimes confused with the debt-to-income ratio, residual income can be defined as measuring the net income or discretionary income, or the amount of money remaining after deducting your expenses. The Department of Veterans Affairs wants to make certain that you have enough money left over to take care of your day-to-day costs.
In order to qualify for a VA loan, you must meet a specific residual income threshold, which varies depending on the size of your family and where you live.
VA Residual Income Chart: What Are The VA Residual Income Requirements
A VA residual income chart shows the housing prices of where you’re purchasing your property, depending on the location and the number of members in your household. The chart also illustrates the income conditions that the VA requires, including residual income requirements for loans below $80,000.
| Table of Residual Income by Region for Loan Amounts of $79,999 and Below |
| Family Size | Northeast | Midwest | South | West |
| 1 | $390 | $382 | $382 | $425 |
| 2 | $654 | $641 | $641 | $713 |
| 3 | $788 | $772 | $772 | $859 |
| 4 | $888 | $868 | $868 | $967 |
| 5 | $921 | $902 | $902 | $1004 |
| Over 5 | Add $75 for each additional member up to a family of seven. |
If you have a loan amount higher than $80,000, things break down as follows.
| Table of Residual Income by Region for Loan Amounts of $80,999 and Above |
| Family Size | Northeast | Midwest | South | West |
| 1 | $450 | $441 | $441 | $491 |
| 2 | $755 | $738 | $738 | $823 |
| 3 | $909 | $889 | $889 | $990 |
| 4 | $1,025 | $1,003 | $1,003 | $1,117 |
| 5 | $1,062 | $1,039 | $1,039 | $1,158 |
| Over 5 | Add $80 for each additional member up to a family of seven. |
