VA Loan Eligibility – How to Qualify for a VA Loan
Veterans or current active duty military members who are in the market for a new home might want to find out more about their VA loan eligibility. There are many benefits associated with applying for a VA loan, including the fact that the VA loan guarantee program offers a guarantee to the lender. This allows those with lower credit scores to qualify for a home loan that they might not otherwise be eligible for. It’s estimated that 8 out of 10 servicemembers wouldn’t qualify for conventional loans today due to the strict requirements that lenders have put in place, which is why VA loans can be an option.
If you are wondering whether or not you will be able to qualify for a VA loan, there are a few basic terms of eligibility to look at. The following individuals will qualify for VA loan eligibility, for example:
- Those who have served in the Reserves or National Guard for a minimum of 6 years
- Those who have been active duty members for 181 consecutive days, or else for 90 days during war time
- Spouses of military members who have been taken as prisoners of war or who are missing in action
- Un-married spouses of Veterans who have died during service
These are some of the most common eligibility requirements. If you are not sure whether or not you would qualify, it’s best to take a closer look at eligibility requirements here. .
You will need to present a Certificate of Eligibility to your lender of choice to show that you have the required VA loan eligibility. This can be obtained with the help of your lender, or you can download and fill out the certificate application online. With this information, the lender will then be able to proceed with the loan application process, and you will be sure to receive all of the benefits of the VA Home Loan Program. .
There are numerous advantages that those who have VA loan eligibility receive. If you qualify, you will not have to worry about any down payments, and you will not need to pay private mortgage insurance. These two benefits alone can save you thousands of dollars. You will also find that your mortgage interest rates are negotiable, and you can prepay without penalty. With so many financial benefits, it’s worth taking a closer look at your personal eligibility for a VA loan before you buy a home.
VA Loan Captain, Inc. is a service disabled veteran owned small business assisting veterans and servicemembers obtain a VA Loan at a competitive interest rate with best in class service.
Through our veterans guarantee program $200 is donated for every loan closed to a partner veteran focused charity.
For more information please visit www.valoancaptain.com