30 Jul VA Loan Eligibility
Find Out If You Are Eligible for a VA Loan
The VA Loan Program is designed for veterans and members who are currently serving in the military. Those who qualify are eligible to receive home financing with no down-payment and little to no closing costs. There are a few conditions and requirements one must meet in order to qualify. Let’s check them out.
To begin with, you must first meet at least one of the following scenarios:
- Served in an active duty capacity during wartime for at least 90 days consecutively
- Served in an active duty capacity during peacetime for at least 181 days
- Served in the Reserves or National Guard for at least 6 years
- Were not dishonorably discharged
- Are the husband or wife of a deceased service member who died during duty or who passed away due to a disability suffered during service.
Are there any income requirements associated with a VA home loan?
While there are no minimum income standards to receive a VA mortgage, you must have consistent income and be able to pay for your monthly expenses as well has have a certain percentage of income beyond what is needed to cover your monthly expenses and mortgage payment. This additional amount of income is referred to as “Residual Income” and includes expenses like transportation, food, clothing, and other necessities.
Thanks in part to the Department of Veteran Affairs requiring all applicants to have residual income, VA Loan borrowers are more likely to sustain a good income and save up for emergencies. This has also helped VA Loan borrowers report the lowest rate of foreclosure among all major mortgage lending programs.
You will need to acquire a Certificate of Eligibility (COE) before being approved
Luckily, you don’t need to receive a COE in order to start the application process. A COE is a document issued by the VA that lists the rights you possess pertaining to receiving VA Benefits. To receive this document you can call or visit a VA Loan specialist or print the form (VA Form 261880) from the VA website and send it via mail to the Department of Veterans Affairs.
What additional requirements do private lenders need in order to qualify for a VA Loan?
Once the VA determines those who are eligible for a VA home mortgage, the lender who finances the loan may require certain standards are met before issuing the financing. These requirements may include minimums on your credit, income, and debt.
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When you contact a specialist or lender, they can calculate your debt and credit, and run your credit score from the three major credit agencies.
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Posted at 11:27h, 26 MayThank you for sharing with us, I believe this website really stands out :D.
Alan Weidt
Posted at 16:45h, 21 DecemberHello.
I am a commercial real estate broker representing a minister who is buying property in Greensboro NC to construct housing for veterans.
Can you direct me to a lending source for such a loan?
Megan
Posted at 16:33h, 05 JanuaryFor information about housing benefits and loans for veterans see:
https://www.benefits.va.gov/HOMELOANS/
Phillip
Posted at 12:14h, 03 Novembercam you pick up a the a home loan that has been default.
VA.org Editor
Posted at 15:45h, 08 NovemberVeterans can have previously-used entitlement “restored” to purchase another home with a VA loan if: The property purchased with the prior VA loan has been sold and the loan paid in full, or A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. See here for more information: https://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp
Ariel PaganSalgado
Posted at 15:31h, 26 FebruaryI am currently have a VA Loan fro my current home. Right now am selling my house which is in a contract waiting the buyer approval. What do i have to do to initiated my VA Loan eligibility. Right now i am looking to buy a house once the current one is sold.
VA.org Editor
Posted at 15:51h, 26 FebruaryYou can find more information here: https://www.benefits.va.gov/homeloans/purchaseco_buy_process.asp
Charles L Hawes
Posted at 20:52h, 02 SeptemberI need to find out what Home Mortgage benefits I have left. In 1976 – I had a VA loan – this loan has been long satisfied. Please give me some direction so I may determine my status.
Thank you
Veteran Assistance
Posted at 19:11h, 16 SeptemberYou may need to contact your regional office to determine this information. https://www.benefits.va.gov/homeloans/contact_rlc_info.asp
You may also utilize this information that has contact information about home mortgage loan assistance. https://www.benefits.va.gov/homeloans/veteran_borrowers.asp