VA Loan Qualifications – We all know that a VA loan is a mortgage loan guaranteed by the United States Department of Veteran Affairs (VA), for those serving in the military or done serving, and are honored for their invaluable contribution and service.
Learning about the qualifications and eligibility requirements for a VA direct or VA-backed loan isn’t hard. Here, you will find out how to apply for a Certificate of Eligibility (COE) to show that you are qualified on the basis of your service history and duty status to get from the lender.
However, you must keep in mind that meeting the lender’s credit and income loan requirements is highly essential to receive financing.
VA Loan Qualifications
To be eligible for a VA loan, certain criteria must be in place or you will be denied access to it. If you’re unable to follow these sets of instructions and procedures, there is a high possibility you may be disqualified, see below:
- You must be a veteran or served as one having completed the military requirement by meeting the minimum service requirement for at least the minimum amount of time and when you served.
- You must have served for 90 consecutive days of active service during wartime or 181 days of active service during peacetime.
- Service years must be up to 6, in the National Guard or Reserves.
More VA Loan Qualifications
- You must have a Certificate of Eligibility which will be given to you when you meet the due requirements as observed by the lender.
- Your VA loan application will need an inspection which is an appraisal or often called VA loan home inspection.
- You must get pre-approved to get a VA loan, it includes gathering your financial documents, choosing a VA lender, you must fill out an application, after getting your Certificate of Eligibility (COE), you can speak to a VA loan officer, then you will receive a VA loan pre-approval letter.
- You may need a steady bank income because a VA loan applicant’s main source of income is a job, so you must realize that the two go hand in hand. However, employment is not necessary for a VA loan and it can also be gotten using requirement income and other sources.
- You will also be qualified to get a VA loan if you’re the wife of a surviving spouse or a veteran who went missing in action or held as a prisoner of war (POW)
- Qualifications can be in any situation even if you’re not a veteran but in very rare cases, you must be a U.S citizen who served in the armed forces of a government allied with the United States in World war II, you must have served as a member in a certain organization like public Health service officer, Cadet at the United States Military, Air force, or Coast Guard Academy, merchant seaman during world war II, an officer of the National Oceanic and Atmospheric Administration, Midshipman at the United States Naval Academy.
Can you be denied a VA Loan?
You can be denied a VA guaranteed loan by the automated underwriting system for any number of reasons, it could be that a wrong input was done. However, VA loans offer a lot of flexibility and options.
How Long it Takes to Get Approved for VA Loans
It doesn’t take long to get approved for a VA loan, but you understand if you are not approved you cannot qualify. Although circumstances are quite different, it doesn’t take any longer to get approved for a VA loan than it would be for a conventional loan or FHA loan.
However, if you’re buying a home, you will get a verified approval within 24 hours as long as your information is properly documented and also well arranged.
