You Are Eligible For A VA Home Loan If:
- You have had 90 days or more of active duty service during wartime
- You have had 181 days or more of active duty service during peacetime
- You were discharged for circumstances that were not dishonorable
- You are currently active duty personnel and you meet the above service requirements
- You are the surviving spouse of a Veteran who died during service or because of service-related injuries and you have not remarried.
Benefits of Pre-Qualification
There are many benefits to pre-qualifying for your VA Home Loan, but the most important is that pre-qualifying will save you time! Choosing to pre-qualify for your loan will speed up the home loan process and bring you closer to owning the home of your dreams. Learn more about the benefits of pre-qualifying for a VA Home Loan or start the process now.
Other VA Loan Eligibility Factors:
Satisfactory recent credit history: While your credit score is not a determining factor, your credit history for the previous twelve months will be evaluated to ensure that you have a satisfactory history of making timely payments.
Missed payments: Recently missed rent or mortgage payments will have a greater negative impact than other types of recently missed payments.
Bankruptcy: If you have filed for bankruptcy in the past two years, you will not be automatically disqualified. However, the bankruptcy must be discharged.
You may qualify for a VA Home Loan even if you have filed for bankruptcy. If you entered bankruptcy due to circumstances beyond the control of you or your spouse, and the circumstances have been verified, you may still qualify for a VA Home Loan. These circumstances may include, but are not limited to, unemployment, long-term strikes and medical bills that were not covered by insurance. If you are unsure if you qualify, contact a VA Specialist.
Satisfactory residual income: Veteran Loans require borrowers to have a certain amount of residual income left over after their mortgage payment each month.
Employment stability: Veterans and their spouses, should the spouse choose to be included on the loan, should have a history of stable employment for at least the past two years. Additionally, employment must be expected “to continue during the foreseeable future.” Any gaps in employment must be explained before a decision can be made.
Since each situation is unique, the best was to determine if you will qualify for a VA Loan is to get a Pre-qualification letter from a VA Specialist. They can help customize a solution that best fits your situation.
What You Will Need to Get a VA Loan
You will need a Certificate of Eligibility to qualify for a VA Loan, whether or not you are a first-time user of the program.
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