VA Loan Requirements and Eligibility is fairly straightforward.
In order to determine if you qualify for VA Mortgage, then you must first determine if you are eligible. Review the eligibility requirements below and if any of the answers are, “YES”, then you may be on your way to saving money with a VA Loan.
If one or more of the following are true, you should Eligible:
Have been in the National Guard or Reserves for 6 years or more.
Have served in ANY branch for 181 days or more in peacetime.
Served 90 days or more in a war zone. (Active Duty)
If you are the spouse of a service member that was killed in the line of duty.
Basic VA Loan Requirements
Purchase Loans:
Good credit, meet the debt ratio requirements (41%), valid COE, must use the home for primary occupancy.
IRRRL or Streamline VA Refinance:
Must currently be in a VA mortgage having used your eligibility to purchase that home. No appraisal and no credit requirements. Can be a primary residence or investment.
Cash-Out Refinance:
Good credit, meet debt ratio requirements (41%), must be owner-occupied, can refinance up to 90% of the home's loan-to-value, and have a valid COE.
Native American Direct Loans or NADL:
Loan requirements are that if a veteran is not native American, they must be married to a Native American. These loans are ONLY available if there is a memorandum of understanding between the tribal organization and the Veterans Administration.
That was the hard part! If you have served our country and met the above eligibility, you are on your way to taking advantage of your earned military benefits. To find out exactly what you qualify for, talk with a VA Loan Expert.
Take the first step to see what the Veterans Administration benefits can do for you.
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