Dually Licensed Chad Bush
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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
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Hi Emma,
Great question! For VA loans, you have two main refinancing options: the VA IRRRL (Streamline Refinance) and the VA Cash-Out Refinance.
- VA IRRRL (Interest Rate Reduction Refinance Loan):
- This option helps reduce your interest rate and monthly payments. To qualify, you need to wait 210 days (about 7 months) from your first mortgage payment or have made at least six consecutive payments on your current loan—whichever comes later. The good thing is, this usually doesn’t require a full appraisal or credit check, making it a pretty smooth process. If you’re simply looking to lower your rate or switch from an adjustable to a fixed rate, this could be a good fit.
- VA Cash-Out Refinance:
- With this option, you can access your home’s equity to use for renovations, debt consolidation, or other expenses. It does require an appraisal and a credit check, and you’ll need to have made at least six consecutive payments to qualify. Since you mentioned a change in your financial situation, this might affect how much you can cash out, so it’s worth considering your options here.
If you’re unsure about the next steps or whether refinancing makes sense for you right now, I’d recommend speaking with a mortgage professional. They can give you specific advice based on your current financial situation. I’d also be happy to chat with you and help answer any other questions you have.
This article also has more info on refinancing VA loans that you may find helpful.
https://chadbushre.com/va-loan-refinancing-options-maximize-your-benefits/
chadbushre.com
VA Loan Refinancing Options: Maximize Your Benefits - Chad Bush, Realtor & Loan Officer
VA loan refinancing offers veterans options to lower mortgage payments or access home equity. The VA Streamline Refinance (IRRRL) reduces interest rates with minimal paperwork, while the VA Cash-Out Refinance provides cash for expenses or converts non-VA loans. Eligibility includes … Continue reading
- VA IRRRL (Interest Rate Reduction Refinance Loan):
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Excellent point, Gus. It’s definitely an issue for some homeowners in fire zones here in California. Companies like State Farm and Allstate have started pulling back, which means people in areas like San Bernardino are getting dropped or just can’t get coverage at all from many of these insurance companies. The only option for a lot of folks now is the California FAIR Plan which is kind of a last resort and usually way more expensive. From what I’ve seen, the California FAIR Plan is significantly more expensive. It’s averaging around $3,200 a year, compared to about $2,200 that most homebuyers were previously paying in these fire zones. That extra $1,000 can really add up, especially considering that it’s often the only option for people who live in areas with high wildfire risk. Plus, with the FAIR Plan, you often need to add more liability coverage on top of that, so it’s not just a simple fix.
The state’s trying to make it easier for insurance companies to offer coverage in wildfire areas by letting them use better tech to predict risks, which they hope will get more companies to step up. But it’s going to take some time for that to kick in, and there’s still some worry about whether this will actually help people or just give insurers a way to bump up prices. It’s not all doom and gloom, but with wildfires becoming more common, the system definitely needs reform so homeowners aren’t stuck paying much higher premiums in the many fire zones across the state.
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Yeah, the Airport Fire is the one in Orange County (Trabuco Canyon). That one was accidental, caused by county workers using heavy equipment. And I think it’s 31% contained as of yesterday.
The Line Fire looks to be arson, though. It’s ridiculous that someone would intentionally set a fire, especially knowing the kind of damage these things can cause. Hopefully, he’s held fully accountable for the harm he caused.
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I will keep that mind. We could definitely get more for our money outside of Orange County, CA, that’s for sure.
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Thanks for the info, Gus. I will check with him on this.
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Thanks for your input. That’s mostly what I assumed the case was with DPA programs. Thanks for verifying.
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Great question. So, the two years (24 continuous months) of service is specific to those who served on active duty, but that alone doesn’t automatically qualify you for a COE to get a VA loan. For active duty members, the 24-month rule is one of the key requirements, but it also depends on when and under what conditions you served.
If you were in the National Guard or Reserves, the requirements are a bit different. Generally, you’d need 6 creditable years of service like I mentioned before, or you might qualify if you were called to active duty under Title 10 orders for at least 90 days.
So, while the two years of full-time service is important for active duty, it’s not the only factor. If you’re unsure about whether you qualify, it might be helpful to chat with a loan officer who can help you figure it out.
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So for Tim to qualify for a Certificate of Eligibility (COE) with his time in the Reserves, he needs to have completed 6 creditable years in the Selected Reserve or National Guard. To make those years count as “creditable,” he should have earned at least 16 points each year. These points can come from things like weekend drills, training, and membership.
He can check if he has 16 points each year by looking at his Retirement Points Statement. This statement shows all the points he’s earned for different activities each year. If he doesn’t have it handy, he can request it from his unit or check it through military personnel systems like the Army’s My Record Portal or a similar portal for other branches.
Now, on top of that, there’s an additional requirement: at least one of these must be true:
- He’s still serving in the Selected Reserve, or
- He was discharged honorably, or
- He’s retired, or
- He was transferred to the Standby Reserve or Ready Reserve with honorable service.
If he’s got those 6 years with the 16 points each and meets one of the above conditions, he should be good to go for the COE, even without combat experience. Hope that helps!
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This reply was modified 2 months, 3 weeks ago by Chad Bush.