Veterans Administration (VA) home loans are guaranteed by the VA and can be used to purchase a home or refinance an existing mortgage. VA home loans are available for active, non-active, Reserve, National Guard, and retired members of all branches of the United States military. Literally millions of veterans and service personnel are eligible for VA financing.
The Veterans Administration does not actually provide loan funds. The mortgage is provided by a traditional lender, and the VA insures a percentage of the loan by giving the lender a guaranty that their investment will not be completely lost if the borrower defaults. That's why a VA loan is called a "government-guaranteed" loan. However, keep in mind that this guaranty is not a promise that the veteran will qualify for a VA loan.
Your Mortgage Professional can help you acquire a COE and determine additional qualifying criteria, such as minimum credit scores, debt-to-income (DTI) ratios, and your county's maximum loan amount.
Eligible veterans must have at least 90 days of active duty service during the periods shown below, and must have been honorably discharged.
Veterans who have served during peacetime and active duty military personnel must have more than 180 days of active service to be eligible. Enlisted veterans whose service commenced after September 7, 1980, and officers whose service commenced after October 16, 1981, must in most cases have served at least 2 years.
Q: Are a veteran's spouse or children eligible for a VA loan?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit, but children are not eligible.
Q: How can I obtain proof of military service?
Standard Form 180, "Request Pertaining to Military Records," must be completed and mailed to the appropriate custodian of military service records.
Q: Can I get a VA loan with reduced entitlement?
We want to remind our military borrowers that it may be possible to use VA financing to purchase or refinance with remaining or restored loan entitlement.
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