VA Home Loans Qualifications

Since America has been at war in both Afghanistan and Iraq for many years, there are now millions of Veterans now eligible to apply for VA Loans.  Many vets have held off purchasing homes because they needed to get settled and find good jobs, and get situated in their lives.  Now, however, there are plenty of Vets looking to buy houses, and take advantage of the government’s  low cost mortgages offered to them.  VA Loans have some great advantages over regular loans, let’s take a look now at some of the benefits and what the VA home loans qualifications are.

Make Sure You’re Eligible First.

Most Veterans already know if they’re eligible because they’ve talked to other Vets, and the rules are pretty simple, if you were deployed for a long tour.  You must have served at least 90 consecutive days during wartime, or, 181 days during peacetime.  You can also have served for more than 6 years in the Guard or Reserves, and any surviving spouse of a service member that qualified, is also eligible.  The Vet needs to stop by the Department of Vets Affairs and get a Certificate Of Eligibility, this can also be found online at the Benefits Portal.

Eligibility Isn’t The Same As Qualified.

Even though you are eligible, doesn’t mean that you automatically qualify for a loan from a lender.  Banks are fairly forgiving when it comes to Vets, but you’ll still need to meet their guidelines.  You’ll need to get a copy of your credit report, then make sure it’s accurate, before you head to the bank.  You’ll need to show proof of income, they won’t loan you money if they don’t think you can pay it back.  Since VA loans are guaranteed by the US government should you go into foreclosure, they can be somewhat lenient, however, if they don’t follow the rules laid out by the government, the guarantee is void, plus foreclosing is costly and problematic for them.  Also, while the VA has very loose credit score qualifications on their loans, you can’t have any unpaid judgments on your credit history, it’s best you take care of those before you apply.

Other Reasons You Might Not Qualify.

There are a few other reasons that you could be denied a loan from the VA.  You can’t of had a foreclosure in the year prior to applying for a loan.  You also must wait at least 2 years after any bankruptcies on your credit history, plus you must have a real, verifiable job.  Some of these restrictions are lifted, however, for Vets that are receiving benefits for being disabled, so be sure and check with a few lenders if you fit this criteria.  When looking for reliable information on Veteran home mortgages, it’s sometimes a good idea to look for VA Partners, as they are trusted lenders that have worked with the government to reduce the likelihood of  Vets being taken advantage of.

Getting a Veterans loan has been made fairly simple, as long as you meet the VA home loans qualifications, you have an excellent chance of being approved.  Once you have been pre-approval, you  can take that with you when you look for homes and realtors will pay special attention to you and your needs.