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VA Eligibility Requirements

You should know the VA eligibility requirements since a VA house loan is definitely at the top of the list of mortgage products available today.

Believe it or not, there are a good number of veterans that don't know they are eligible and how they can benefit from them. Thus they don't take the steps it takes to meet all these requirements.

If you think you are ready, be sure to get a lender who is familiar with working with this mortgage option.

Knowing everything you need to know about your VA loan eligibility is the first place to begin the steps necessary to apply for this home loan that is packed with benefits.

These VA loan requirements may involve more intricate steps in the process but in the end they are worth the effort if you or your spouse are members of the military or related service.

VA eligibility requirements can be difficult to meet but with the right dedication to the process and your eligibility, you'll end up with a loan with low monthly payments and a lot of other perks.

If you, like this woman wondering, would like to know those eligibility requirements, read on to find out.

va eligibility requirements

Between the VA and your lender, as well as this website, you should be able to find out everything you need to know regarding VA home loan eligibility. If you are contemplating buying a home and you are unclear about the home loan process, particularly a VA house loan, the following information will give you what you need to make an informed decision.

The easiest and quickest way to find out your VA loan eligibility is to get a quote from a lender that is VA approved. They'll be able to help you find out if you're eligible and how much of a loan you'll qualify for. Bottom line, VA loans just make sense if you are eligible for one. 

Before we get into VA eligibility requirements, let's touch on some of the benefits of these loans.

Benefits of A VA House Loan

  1. It is a mortgage solution that requires no down payment.
  2. They have relaxed credit qualifications meaning you can get a loan with less than perfect credit.
  3. Private mortgage insurance is not a requirement.
  4. A VA house loan offers low interest rates.

These are just a few of the unique benefits that these loans provide and if you are eligible. Now that we have touched on a few of the benefits of why a this type of loan product may be worth your while, lets move on to what the VA eligibility requirements are.

If you fit the bill you can then decide if it looks like a sensible option for you and your family when it comes to financing your plans of home ownership.

Basic VA Eligibility Requirements

  • First you or your spouse needs to be a Veteran or some reservists or National Guard personnel. You can also be a surviving spouse of a deceased service member, the spouse of active duty personnel who is detained by a foreign power, is missing in action or captured during military action.
  • You'll need to have served 90 days or more of active duty service in the course of wartime efforts or a minimum of 181 days of peacetime active duty service.
  • If you are a reservist, you'll need at least six years of service as well as an honorable discharge. Or have been deployed for at least 90 days in a combat zone.
  • You have not been dishonorably discharged.
  • Have a Certificate of Eligibility which will prove your eligibility. You can do this online or by mail.
  • You will need to qualify and meet the lender's requirements when it comes to credit and income. You could have your loan turned down if you have credit problems or if your income isn't regarded as stable.
  • You are required to live in the home you purchase and it must be your primary residence.

You then apply for and get your loan through a private lender. The VA then stands behind the approved loan with the lender you are working with.

If anything happens during the process and you cannot make your payments any longer, the lending organization can go to the VA to cover all applicable losses that they may incur.

Basically the VA loan guaranty is a kind of insurance provided to the lender. Bottom line, the VA hardly ever gets involved in the actual loan approval process.

Other VA House Loan Information

  1. You do not need to be a first time home buyer.
  2. VA house loan is also assumable if the person qualifies.
  3. You can re-use your VA loan benefit.
  4. The VA doesn't stipulate the maximum amount of the loan but the law will set limits on the total liability they can assume. This can affect the total amount of money a lending institution can lend you. The good news is that the lender might be able to raise the size of your loan if you can apply a down payment.

If you're eligible for and meet these VA eligibility requirements, you'll be on your way to getting one of the most benefit rich home loans available today. 

Want More Answers...

If you have any questions regarding these VA eligibility requirements, be sure to ask them here. Qualifying for a VA Loan is not hard.

Remember, even for first time home buyers VA loan you need to make sure to have good credit. There are lots of information to help you.

Leave VA Eligibility Requirements and return to Home Mortgage Information main page.

Return to First Time Home Buyer Solutions home page.

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