Buying a home is one of the most exciting times of our lives, but it’s not always a simple process. In fact, it rarely is. However, VA loans help streamline the process for veterans and their families to get the homes they deserve.
If you’re exploring a VA loan, it’s important to understand VA loan eligibility requirements and determine whether or not you meet each requirement. Learning more about your qualifications can help speed up the process before reaching out to a lender or mortgage specialist. I’ve helped many veterans get the funding they need for their homes, and I can do the same for you. Here’s what you need to know about VA loans.
Who qualifies for VA loans?
Any military service veterans, including active-duty members and reserves, may qualify for a VA loan. Some eligible family members may also qualify. However, veterans must also have a valid Certificate of Eligibility (COE) and meet their lender’s minimum credit and income requirements.
Those eligible for a VA loan must meet one or more of the following:
- Minimum 90 days’ consecutive active service during wartime
- 181 days’ active service during peacetime
- Six years’ service in the National Guard or Reserves
- Marriage to a veteran who died during service or due to a service-related disability
Why is a COE required?
While COE’s are required, you do not need to have one before you apply for your VA loan. Do remember, though, that your COE confirms with your lender that you qualify for a VA loan and its benefits. Most lenders can look up your COE via the VA’s system, through which roughly two-thirds of COEs are brought up and issued.
Veterans have three common ways by which they may get a COE for their loan, including:
- Through a VA-approved lender
- Online application via the VA’s portal
- By mail with a VA Form 26-1880
While the timeline of getting your COE is quick, you’ll need to provide specific documents depending on your type of service. For National Guard and Reserves, NGB Forms 22 and 23 are required. Other veterans must most often provide DD Form 214. However, other documents may be required as well.
Why choose a VA loan?
VA loans come with several benefits, including no VA-mandated minimum credit score, removing one of the most challenging barriers for many first-time homebuyers, and those who may have had trouble getting loans in the past.
Eligible applicants also benefit from no down payment requirements, removing another substantial hurdle for homebuyers of all backgrounds and circumstances. Additionally, any down payments made may come from a gift or grant. VA loans are also more accessible as they offer flexible income, debt, and credit requirements, and come with both fixed-rate and adjustable-rate options. VA loans also do not require mortgage insurance.
Benefit from a VA loan from Mortgages by Jill
Whether you’re a first-time homebuyer, are fixing up your home, or buying a new one, VA loans help make the process much simpler, and get veterans the homes they deserve with less red tape than other types of loans impart.
If you have questions about your VA loan eligibility or you’re ready to get started and approved for your VA loan, reach out to me today.