Veterans interested in purchasing a home with a VA loan aren’t required to reach any minimum income threshold though they are required to have a stable and reliable income to cover their monthly expenses including, but not limited to, their new monthly mortgage payment. Borrowers must also have a certain amount of funds left over—after all the mandatory, bigger expenses are paid—and is called residue income and it meant to cover expenses such as food. A stringent residue income requirement is one of the reasons that VA loans maintain the lowest foreclosure rates of all major lending options.
The entire VA loan process is typically as short as 30 days or as long as 45 days once the borrower has signed a purchase contract. While every situation is different, applying for a VA loan doesn’t compel a borrower to any particular lender or to moving forward with the process if they have decided not to after the loan process has begun.