VA Loans Requirements

| January 2, 2012

The VA loan program was first started in 1944. It was started to help out military servicemen and women to buy a house. Therefore, if you or anybody you know served in the military, you should know about this amazing loan program. If you can qualify for this loan, it is one of the best and easiest loans you can get. What makes VA home loans a good deal is that it is possible to get this loan even if you have bad credit. The application used for VA loans is the same as other types of loans such as HUD/FHA loans.

If the candidate happens to have a bad credit history it is possible to still get VA loans, however some details with the lender may need to be worked out. Processing fees are non extant for VA loans. The following are some of the basic requirements to get the loan.

Having served during war time for at least 90 days is a big plus. However, there is an exception to this rule if the candidate was injured during action. Then you will still be eligible for VA loans even if you saw less than 90 days of action.

If the candidate is no longer serving in the military then they will have to prove that they got an honorable discharge. As with any rule there are exceptions to this also. It will all depend on what circumstances you left the military. Spouses of military veterans can also apply for VA loans. If this is done then obviously missing in action or getting killed in action will not count as a dishonorable discharge. Otherwise, the bottom line is that an honorable discharge is very important to get this kind of loan.

Having served during wartime is not the only criteria. People who have served during peace time are also eligible. However, the applicant must prove that they served for a minimum of 181 days of active duty. The importance is given more to active duty, not the amount of action the applicant saw.

Those people who serve with the National Guard or reserves can also apply for VA loans. The criteria in this case would be a minimum of 6 years of service, an honorable discharge, or continuing to serve the selected military reserves. As with other branches of the military, the spouses of people serving in the reserves will also be eligible to apply for VA loans.

Category: Home Loan

Comments are closed.

?