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VA loan as a veteran or service member
How can I qualify for a VA loan as a veteran or service member?
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1 Reply
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Good question! Qualifying for a VA loan as a veteran or service member is pretty straightforward. Here’s a quick breakdown of what you need to know.
1. Service Requirements:
- Veterans: If you served after September 7, 1980 (or October 16, 1981, for officers), you’ll usually need at least two years of service. But, if you served during wartime, the requirement is often around 90 days of active duty.
- Active Duty Service Members: You could be eligible after serving at least 90 days of continuous active duty.
- National Guard and Reservists: For eligibility, you’ll generally need to complete six years of service unless you’ve served at least 90 days of active duty.
2. Certificate of Eligibility (COE):
You’ll need a COE to verify your eligibility for a VA loan. You can request this online, through mail, or ask a lender to help you get it. It can be a pretty quick process. I got mine the same day after verifying my identity. This will also help confirm that you have met the service requirements mentioned above.
3. Credit and Income:
The VA doesn’t require a specific credit score, which makes VA loans more flexible. Lenders, however, will look at your overall credit and ability to repay the loan, but the guidelines are often more relaxed compared to other loan types.
4. Property Requirements:
The property must be your primary residence and needs to meet the VA’s standards for safety and condition.
For more detailed info, check out my article, “Everything You Need to Know About VA Loans,” where I break down all of this and more! And if you want to learn more about what you specifically qualify for, feel free to reach out to a loan officer like me. I’d be happy to help!
chadbushre.com
VA loans, backed by the U.S. Department of Veterans Affairs, allow veterans and service members to buy homes with no down payment and competitive interest rates. This guide details eligibility, types of VA loans, the application process, and financial considerations, … Continue reading