Eligibility

Eligibility. In order for a veteran to be considered for a non-guaranteed loan through the Veterans’ Home Purchase Board he/she must make an initial payment of at least twenty percent (20%) of the selling price of the property or the appraised value, whichever is less. This policy is to specifically address what constitutes an initial payment of twenty percent (20%) when a home is to be constructed or purchased, and when a loan guarantee from the Department of Veterans Affairs is not required because of the necessary initial payment of twenty percent (20%) is met. In addition to the twenty percent (20%) down payment, the loan committee must consider credit history, income, work history and all other underwriting criteria before approving a non-guaranty loan.