So you are a U.S militant planning to purchase a home. A VA Home loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. In most cases, purchasing a residential home can really be a hard task considering difficult financial conditions that arise from inadequate funding sources.
Typically, VA loans have added benefits and the lending requirements are less strict compared to those of most commercial lenders. Actually, you don’t necessarily have to submit a down payment to access the loan. Another great benefit of this mortgage loan is that there is no limitation or restriction to the loan amount a Veteran can borrow. This means that once you qualify, you can borrow as per your financial needs depending on your credit score and financial income.
The following are the qualification requirements for the loan:
Military Service Requirements
Did you serve as a veteran for the minimum service days without being dishonorably discharged? Then you may qualify for a VA loan. The required minimum numbers are;
- 90-day service in World War II, Vietnam War or the Korean War veterans
- 180 continuous days for veterans who served after any of the above conflicts
- 24 continuous months for those who served during the gulf war or the period between 1980 and 1990.
Active Duty Requirements
If you are an active duty military member and you’ve served for a minimum of 90 continuous days. National Guard or reserve members are eligible for the loan if they served for 90 continuous days if they served for 90 continuous. Those who had six years of service and retired, honorably discharged or continue to serve are qualified for the loan.
Military Spouse Qualifications
You are eligible for the VA loan if your spouse died during his/her service as a militant or if he died from a service related disability. You should not have remarried till after 57 years of age or after Dec 2003.If your spouse is missing in action or is a prisoner, then you also qualify for the loan.
Other Qualifiers for the VA loan
The Other Americans eligible for the loan are those who served in the following positions:
- Air Force Academy cadet
- United States Military Academy cadet
- Public Health Service officer
- Coast Guard Academy cadet
- United States Naval Academy midshipman
- National Oceanic & Atmospheric Administration officer
Veterans who served the World War II and are from governments of the states allied with the United States of America are also eligible for the VA Home Loan.
Apart from the above Service Requirements, there are certain financial requirements you have to fulfill to access VA mortgage loan. You must have strong credit and sufficient income to qualify for a VA loan depending on the property you want to purchase.
Credit Requirements
Apart from the following service terms, you need to meet certain financial requirements to qualify for the VA mortgage loan. Make sure you have a strong credit and sufficient income before you make a step towards borrowing the loan. Always contact your mortgage broker to assist you determine the mortgage amount you’re qualified for.
Sourced from: Alot
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