VA Home Loan Requirements
Check Your VA Loan Eligibility
VA Home Loan Requirements Must follow VA Loan Guidelines & VA Loan Eligibility... Apply for your eligibility first...VA Loan Requirements: The first step is to go on line and apply for your Certificate of Eligibility if you do not want to do this online then contact a VA approved real estate lender and they can provide you with the paperwork to apply... VA Home Loan Requirements for veterans with less than honorable discharges will require special handling... This is necessary to determine if the service was under other than dishonorable conditions... Veterans must have a minimum 90 days active duty and been discharged under Honorable conditions... If your service time was less than 90 days, you may still be eligible if you were discharged for a service connected disability... Peacetime Time Veterans must have served at least 181 days of continuous active duty and been discharged under honorable conditions... Go to Certificate of Eligibility If you served less than 181 days, you may be eligible if discharged for a service connected disability... Go to VA Loan Certificate.
What a lender looks for... # 1. Assets: Are the funds in a bank account... Is a relative gifting the money needed to close... Does the borrower have money saved at home... # 2. Income: Does the borrower have verifiable income... Is there a 2-year history of earning income... In all likelihood, will the borrowers income continue... # 3. Credit: Does the borrower have a credit history... Has the past credit been paid on time... If there are late payments, is there a valid explanation... Veterans that served in the Reserves or National Guard May Qualify:
If you have completed a total of 6 years in the Selected Reserves or National Guard, and attended required weekend drills and 2-week active duty for training you may qualify if: Were discharged under honorable conditions... You were placed on retirement... Were transferred to the Standby Reserve or the Ready Reserve... Or if you continue to serve in the Selected Reserves... Individuals who completed less than 6 years may be eligible if discharged for a service-connected disability... _____________________________________________ Bankruptcy: VA home loan requirements make it possible for veterans that have filed a Chapter 7 Bankruptcy and it has been discharged for over 2 years, you are eligible to apply for a VA real estate loan... Loan Amounts: Veterans can finance 100% of the real estate loan amount up to $417,000 in most states and if you are in a high cost area the loan amount can be increased...
Eligible Property: VA Guidelines require real estate mortgage loans must be on Owner Occupied properties... VA loans are available to purchase condominiums, and manufactured homes... Veterans can also obtain loans on1-4 family residences provided the borrower intends to occupy one of the units... For additional information check the following pages:
Veterans Home Loans VA Mortgage Loans Find a Savvy Realtor Residential Real Estate Loans. VA home loan requirements for the purchase of real estate... Check other pages on this real estate site and tell me what other information you would like to see published... Real Estate Logistics Consulting Service includes One on One Telephone Coaching as Time Permits. Our Coaching Carry a 100% Money Back Guarantee,
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