Planning On Buying A Home In 2021? Check Your VA Loan Eligibility Now!

VA Loan Eligibility

Planning On Buying A Home In 2021? Check Your VA Loan Eligibility Now!

Starting the new year after the holidays, which are especially tough on your savings as well as your credit can be quite the challenge but especially so if you’re planning on making important financial decisions like buying a home or at least applying for a home loan.

We already know that a life of military service in the US doesn’t necessarily ensure financial security but you do have some options.

The preliminary task that needs to be accomplished when pursuing a VA-backed home loan is to obtain your Certificate of Eligibility. This is a document the provided to you by the VA, or your lender, that can confirm whether you qualify for a VA-backed home loan or not.

The Certificate of Eligibility can be obtained by completing a VA Form 26-1880 (which is available through the VA’s website). Your private lender can also obtain the Certificate of Eligibility on your behalf.

Keep in mind that even though having your lender obtain the Certificate of Eligibility for you is often the quickest and most simple route, many veterans and service-members actually opt to obtain the Certificate of Eligibility themselves because then it makes it easier for them to ‘shop’ other lenders instead of being bound to any particular lender.

It is important to bear in mind that while the VA doesn’t require a specific credit score from an applicant using their VA home loan backing system – the private lender you may decide to use can and often will.

It doesn’t matter whether the lender has a specific credit score in mind, they can go through an underwriting process that will include reviewing your existing debt/expenses and your income. As the lender walks you through this process, compiling and gathering the relevant documents in advance can save both your as well as the lender’s time and also keeps the process as streamlined as possible.

The VA Loan Program has been designed for veterans and members who are currently serving in the military. The ones who qualify are eligible to receive home financing with no down-payment and little to no closing costs. There are a few basic conditions and requirements that one must meet in order to qualify.



  • 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
  • Is the husband or wife of a deceased service member died during duty or passed away due to a disability suffered during service.

Thanks to the Department of Veteran Affairs policy 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 actually also helped VA Loan borrowers report the lowest rate of foreclosure among all major mortgage lending programs.

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