VA Loan Eligibility

Oak Grove Stagecoach Station Stagecoach

Photo credit:  Kim DeGiulio, Oak Grove Stagecoach Station

Serving our country in the armed forces is an honor which requires a lot of personal sacrifice.  From extended periods of time away from family and loved ones, to changing residences every few years when stationed in a new location, to being in direct danger when ordered into declared war zones, the life of an active duty service member is anything but easy.  When it comes time to purchase a home the last thing our active and retired men and women in uniform need to worry about is how to finance one.  VA loans are one of the many benefits available to active and retired service members that allow them to buy a home with little to no money down and no mortgage insurance.  Additionally, they offer competitive interest rates that are often lower than conventional rates.  Even those who have used their basic entitlement are able to refinance their existing loan into another VA loan to take cash out from their home’s equity.

Service members of all branches of the United States military, i.e., Air Force, Army, Coast Guard, Marine Corps, and Navy, who are full-time active duty qualify as long as they have served the minimum specified term set out by the Department of Veterans Affairs.  These terms vary based on whether they actively served during peacetime, wartime, which war, and length of service.  Even members of the National Guard and Select Reserves qualify if they meet the minimum service term criteria.  The benefits don’t stop there – spouses or surviving spouses of veterans can be eligible for a VA loan as long as they meet the criteria.   Often, the specific terms are not set in stone as the VA always has the final word on eligibility.  One crucial step is obtaining a Certificate of Eligibility either through the veteran’s online account login or at their local Veterans Affairs office.  Furthermore, if retired a form DD-214 is required.  Once the applicable VA documents are provided along with the usual necessary qualifying paperwork, they are one step closer to becoming pre-approved for a home loan.  To find out more information and to get pre-approved, contact me today.

© 2017 Marilyn Quindo

 

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