What You Need to Get a VA Loan

Published by julia | Filed under Buyer / Seller Tips, Listings, Miscellaneous, Real Estate, Shout Outs, Uncategorized

Can you get a VA loan, and if you can, then what are the benefits of receiving one? A VA loan is a mortgage loan provided by the Department of Veteran’s Affairs. People who qualify for this type of loan are either current or former members of the U.S. military. If a former member, they must have been honorably discharged or medically discharged to qualify. Many veterans take advantage of these types of mortgage loans because they require no money down and have lower interest rates than typical mortgages. You still must be able to qualify under regular credit requirements, because you will be getting the loan through a regular loan company, and the loan will then be backed by the Department of Veteran’s Affairs. However, because of this backing, many lenders look more favorably on veterans with poor credit histories than they would for other people.

In order to get a VA loan, you should know that you need at least 181 days of service during peace time or 90 days of active service in war time as a member of the U.S. military. National Guard and Reserves members become eligible for this type of loan after serving 6 or more years in that capacity. If you were in Desert Storm, you can qualify for a VA loan no matter how long you had active duty. If you are the spouse of a veteran who was killed in action, then you also qualify.

Next, you need to get a certificate of eligibility from the VA, which is normally easy to to. If you are out of the military, you can order the certificate from the VA. If you are still in, you can get the form from the personnel office on your base. Once you have the proper qualifications in hand, you can go ahead and apply for your loan. You can use these loans on any house you like, and it is an excellent way for those who have served our country to become homeowners for no money down. It is like a gift from the government to them for serving.