Current VA Loan Requirements in Schaumburg, IL

VA loan eligibility has specific service, financial, and property standards. Knowing the requirements in Schaumburg helps Veterans and service members move confidently through the mortgage process.

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Service Requirements and COE

• 90 days of active duty wartime service
• 181 days of peacetime service
• 6 years in the National Guard or Reserves
• Eligibility for surviving spouses

A Certificate of Eligibility (COE) confirms entitlement and is required before closing.

Credit and Income Standards

• No VA-mandated minimum credit score, but lenders prefer 620+
• Debt-to-income ratio typically capped near 41%
• Residual income reviewed to ensure monthly cash cushion
• Documented employment and income stability

Funding Fee

Most VA loans Schaumburg include a funding fee (1.25%–3.3%). Exemptions apply for certain benefits, and it can be rolled into the mortgage.

Property Requirements

• Must be a primary residence in Schaumburg or nearby
• Property must pass a VA appraisal
• Safe, structurally sound, and livable condition

Occupancy and Other Requirements

• Borrower must occupy within 60 days
• CAIVRS check required for federal debt defaults

Real-Life Schaumburg Example

A family near Chicago used a VA loan despite mid-range credit because their residual income exceeded requirements. The VA flexibility helped them qualify with confidence.

VA Loans Schaumburg: FAQs

Are VA loans Schaumburg capped by limits? With full entitlement, no loan limit applies.

Can I buy a 2–4 unit property? Yes, if one unit is your primary residence.

Does the VA require inspections? Not mandatory, but strongly advised.

Ready to Check Your Eligibility?

Bluestar Home Mortgage is here to help Schaumburg buyers understand every VA requirement.

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