Another question we often get is, What are the VA loan requirements? VA loan requirements may differ slightly from lender to lender. It is important to understand that the Department of Veterans Affairs does not lend the money but rather backs the loan if for some reason it would go into default. By doing this it gives lenders the ability to lend money in confidence knowing that the loan is backed by the US government.
VA Loan Requirement Guidelines
Below are some basic VA loan requirement to keep in mind when thinking about purchasing a new home. Getting all your documents organized and established makes the home buying process a much smoother experience.
- A Decent Credit Score
- A Certificate of Elgibility
- Sufficient Income
- Certification of primary residence of occupancy
- Organization of tax records and financial documents
VA Loan Requirements Video Transcript
Jeff here with National VA loans. Guys I want to talk to you today about VA loan requirements and whats expected from veterans looking to qualify for a VA home loan and take advantage of their VA benefits. Its pretty straight forward common stuff, unfortunately many veterans do not get the kind of education they need to understand the VA home loan process before they leave their branch of service.
We work with alot of veterns here and have some of them on our shows, I have family members that are in the service for example my brother has been in the airforce for almost 20 years now. So I know for a fact that this education is not given. It is put out there but unfortunately many veterans do not really know what it is and whats available to them. So that being said I going to give you the brass tax the very basics of the VA loan requirements.
The first requirement is that you have to have served at least 90 days of active service during a wartime. So during war time as long as you have served 90 days of active duty you do qualify threw the GI Bill. If you have served 181 days of service during non wartime you would qualify for your VA benefits as well.
For the National Guard and the men and women of the reserves you would need to have served at least 6 years of service. After 6 years of service you qualify for your VA home loan benefits. Another important one many people do not know is spouses of men and women who have died in the line of duty in some special situations are elgible for VA home loan benefits. If you have friends or family with a spouse of a service member that gave the ultimate sacrafice share this information with them. They may be elgible for VA home loan benefits.
We want to thank you for stoping by today and visiting our website. If you are a veteran wanting more information on VA loan requirements give us a call now at (855) 956-4040.