What are the VA loans qualification? do you know? if you would love to, continue reading. In 1994, the US Department of veterans introduced the VA loans, VA loans is a system devised to help service members and veterans and their family members own. Eligibility for the VA loans means there is a chance you acquire a government-backed mortgage without downpayment at all. In this post, we shall be sharing the VA loan qualifications with you.
Money lent by VA loans is not VA loans money, what happens is that VA loans offer you a guarantee. You will be borrowing from a private VA mortgage lender and the government gives assurance that part of your mortgage will be paid. Even if you default on the loan, the lender will be refunded by the government.
With VA Loans you can buy a home, make energy-sufficient modifications to your home or even refinance a mortgage, even so, the loan can only be used to buy your primary residence only and not investment nor vacation properties. VA loans don’t require you to be a first-timer to use their loan, you can use it more than once. VA loans are a lifetime benefit.
VA Loans Qualification
Here, we will be discussing all the criteria you need to meet up with in order for you to be qualified for VA loans. Here are the VA qualifications in terms of active duty service, individuals who meet up with the following are qualified for VA loans.
- A minimum duration of 181 days of active duty service during peacetime and 90 of active duty service during days wartime
- Not up to 90 days of active duty service if discharged due to a service-related disability.
- 6 years in the reserves or national guard.
All active duty service members, veterans, and present or past members of the national guard and reserves are eligible for VA loans, along with surviving spouse of dead members (members that died in action).
Below is a list of organizations whose members are eligible to apply for the VA loans.
- S. Public Health Service officers.
- Officers of the National Oceanic and Atmospheric Administration.
- Merchant seamen with World War II service.
- Midshipmen at the U.S. Naval Academy.
- Cadets at the U.S. military, Air Force, or Coast Guard academies.
Veterans that were discharged dishonorably or surviving spouse of these veterans are not qualified to apply for the VA loans.
How to Apply for VA Loans
Once you meet up to the qualifications of VA loans then it is safe to apply. Here we will be putting you through the application process of VA loans. To apply for VA loans for the instructions below.
- Submit your COE as proof that you meet up with the service requirements.
- Veterans are to submit their DD form 214, or a discharge from duty letter or certificate of release.
An appraiser certified by VA will be coming on your property to inspect it and make sure that the property is qualified and acceptable for a loan.
More Related Posts