Who Qualifies For A Va Loan – VA loans are an important military service benefit for qualified veterans, military personnel, and surviving spouses. It allows you to qualify for an affordable mortgage if you plan to buy or refinance even if your credit rating is not perfect.
For many people who qualifies for a va loan, VA loan program is one of the best possible mortgage.
A VA loan is a mortgage loan guaranteed by the Department of Veterans Affairs and it is designed to help active military personnel, qualified veterans, and qualified spouses to purchase property. People who qualifies for a va loan can use this program to buy a house, condo in a building that approved by the Department of Veterans Affairs, build a house, house improvement of your existing home.
if you are one of those who qualifies for a va loan, it’s relatively easy to qualify for a VA loan because you don’t need a down payment, do not require mortgage insurance, and among many other benefits, Va loans is guaranteed by the government.
who qualifies for a va loan?
VA loans help thousands of military and veterans buy house each year. Here you can see who qualifies for a va loan and meet the requirements for a VA loan.
Lenders set their own requirements for certain aspects of eligibility, but VA loans have milder credit requirements than many other mortgage programs. Not everyone in the Army is eligible for a VA loan. To be qualify, you need to have one or more of the following criteria below:
VA loan requirements for veterans and active duty personnel
There are some requirement as the one who qualifies for a va loan This requirements depends on when you joined the army.
- You have served 24 continuous months of military service.
- The entire period (90 days or more) you have served In active duty.
- If you were discharged in less than 90 days due to lack of ability or medical reason.
- If you was discharged because of the convenience of the government
VA Loan Requirements For National Guard And Reserve Members
There are also a requirements for guards and reserve member who qualifies for a va loan . National Guard or Reserve members will be eligible for a VA mortgage after 90 days of active duty. Guard and Reserve members are still eligible after completed 6 years service in National Guard or Reserves.
Others who qualifies for a va loan benefits includes those who are US Army, Coast Guard, or Air Force. Naval academy and US National Oceanic and Atmospheric Administration (NOAA) midshipmen are also people who qualifies for a va loan .
VA Loan Requirements For Spouses
A civilian military spouse is one of people who qualifies for a va loan and able to apply for a VA loan mortgage with the military spouse. In this cases, the loan will be approved using the VA loan entitlement of the military borrower’s. This means Civilian spouses cannot apply for a VA mortgage on their own.
Surviving spouses from service member who died due the military service may be able to apply for a VA loan, but you have contact the Department of Veterans Affairs first for specific application procedures. In general, you need to apply one of the following requirements points:
- The service personel was missing in action
- The service member become a prisoner of war
- The service member died during work or due to work-related disability (spouse did not remarry)
- The service agent was completely disabled, but his disability may not have been the cause of death.
If you need more information about your service status, it’s best to find out more on Just Funded Mortgage.
How to Apply a Va Loan
For who qualifies for a va loan, you can apply for a VA loan through a bank, mortgage company, or the credit union that provides them. This process is similar to applying for other types of mortgages. Provides employment, income and other financial information to determine if a lender qualifies.
One of the important items you will need is the VA Certificate of Eligibility. The credential is a document from the Department of Veterans Affairs that will indicates you meet the service requirements for a VA loan. You can get the documents through the Department of Veterans Affairs or ask the Department of Veterans Affairs mortgage company to obtain your certificate of eligibility.
Your certificate of eligibility (COE) confirms the lender that you are eligible for a VA loan benefit. For many of the veterans, this step is the easy one.
Here are three ways for applying a VA Loan:
- You can contact the lender: The first step in applying a VA loan is to contact a VA lender, such as the Department of Veterans Affairs, to start applying for a VA loan.
- Check the eligibility: Obtain your COE from the lender or yourself.
- Fill out the application form: Fill out the loan application and provide the lender with all the necessary documents, including W-2s, tax returns, and additional financial information.
If you have any questions about VA mortgage eligibility, you can contact Just Funded Mortgage (833-888-3863) Available on Monday – Friday: 9:00 AM – 7:00 PM.
How to Get Your COE
For you who qualifies for a va loan, Here are three steps to get a COE for VA loan:
- You can applying from a VA approved lender
- You can applying Online via VA’s eBenefits portal
- Applying by mail
VA lender requirements
VA usually sets guidelines for VA loan eligibility, but private lenders usually have additional requirements that borrowers must meet. This usually includes reliable income sufficient to repay the loan, acceptable levels of debt, and a credit score that matches the credit requirements of the lender.
Lenders used to check your creditworthiness, debt, and income to determine if you are eligible and to determine the interest rates they will offer since VA loan rates change daily based on market conditions . Lenders also check your credit report, especially the history of timely payments.
Just Funded Mortgage are available on Monday – Friday: 9:00 AM – 7:00 PM to answer any questions you have about the Va Loan Program or give us a call at 833-888-3863.