What are the qualifications for VA loans? would you love to know? if you would, then continue reading. A VA loan is basically a mortgage that is insured by the Department of Veteran’s Affairs and is designed and structured to help active duty service members, eligible veterans, and much more to purchase properties. VA loans can be used for the following purposes:
- Buy a home
- Buy a condo in a VA-approved building
- Build a home
- Purchase and improve a home
- Make energy-efficiency improvements to your existing home
- Buy a lot and/or a manufactured home
- Refinance an existing loan
For those who are duly eligible, loans are to some extent a VA loan is easy to qualify for due to the fact that there is no down payment, no minimum credit scores, and much more.
We would be giving you more explanation as we progress in this article, all that is needed of you is to follow carefully and attentively.
Who Qualifies For A VA Loan?
For those who want to obtain a VA loan, you may actually be used eligible for a VA loan if you meet up to one or more of the following eligibility requirements:
- You have served 90 consecutive days of active service during wartime, OR.
- You have served 181 days of active service during peacetime.
- And, you have 6 years of service in the National Guard or Reserves
Is There A Minimum Credit Score For A VA Loan?
The US Department of Veteran’s Affairs oversees and ensures all VA home loans do not need or require a certain or minimum credit score. But you should note that private lenders that issue a VA loan may actually have their own minimum credit scores requirement which may range from 580 to 660
Can You Be Denied For A VA Loan?
Definitely yes, a loan can be denied by the automated underwriting for any reason. This could be due to different reasons and you should also note that Just because you are unable to get an automated underwriting approval doesn’t mean you are not eligible for a VA guaranteed loan.
How Long Does It Take To Get Approved For A VA Loan?
The circumstances or situations of obtaining each loan may differ. If you are purchasing a home and your documentation is intact, it won’t take more than a day to get you a verified approval
How Many Times Can A Veteran Use A VA Home Loan?
After getting a VA home, one of the most frequently asked questions is the number of times they could use the benefits provided. To your advantage, there is actually no limit on the number of times a veteran can use the loan program
Who Is The Best VA Loan Lender?
For those asking for the best VA loan lenders that they could make use of. We have made and compiled a detailed list of some of the best VA loan lenders below;
- BNC National Bank
- New American Funding
- Quicken Loans
The above are some of the best VA loan lenders that you can easily make use of to obtain loans.