When you shop for a mortgage product, you’re looking for the most beneficial terms, from the interest rate to loan duration and downpayment. It’s easy to get overwhelmed with the wide variety of mortgages available to first-time homeowners. Your options become even greater if you’re looking at investment properties or you’re interested in flipping homes. It’s easy to waste hours with online research, finding loan products you can qualify for that meet all your needs. FHA and VA loans help individuals without substantial savings or ideal credit scores on the path to homeownership. If you’re wondering who qualifies for a VA loan, here are some of the requirements for this specialized mortgage product.
Eligibility for both veterans and active duty service members
The Department of Veterans Affairs offers VA loans to individuals who have served in the armed services. All branches of the military are eligible for a VA loan, including:
The minimum number of days of eligibility varies depending on when an individual served. Veterans Affairs provides specific breakdowns of who qualifies for a VA loan based on whether someone is on active duty, discharged due to disability, hardships, or government convenience. In general, veterans must have served at least 24 continuous months.
Spouses of veterans may qualify for VA loans
In certain circumstances, the spouse of a veteran may also be someone who qualifies for a VA loan. Getting a Certificate of Eligibility (COE) is more involved for spouses and only possible when the veteran is:
Missing in action
A prisoner of war
The spouse also can not have remarried if they’re applying for a VA loan.
Other qualifications for VA loans
Besides being an active duty service member, a veteran, or the spouse of a veteran, there are other circumstances where individuals can be granted a COE from the Department of Veterans Affairs.
Some are less commonplace than others, such as individuals who served in the military of allies of the United States during World War II.
However, there are other–more common–organizations outside of the armed services that designate individuals are someone who qualifies for a VA loan, such as:
Officers with the National Oceanic & Atmospheric Administration
Public Health Service officers
Cadets at US Military, Air Force, or Coast Guard Academies
If you wonder if you qualify for a Certification of Eligibility for a VA loan, the Department of Veterans Affairs can assist with the application and additional paperwork that may be required.
Meet lender credit and income requirements
While VA loans are for veterans of military service, they are offered through approved lenders. Applicants present their Certificate of Eligibility to show they qualify for a VA loan. Then the lender approves them based on their credit score and income. A loan officer with a vast network of lenders, such as Atlas Crown Mortgage, will find a provider––even if you have less-than-perfect credit and alternative income.
Qualifying for a VA loan is the first step in finding the perfect loan for your budget and property.
Atlas Crown Mortgage works with new homeowners to help them find out if they’re someone who qualifies for a VA loan.
Atlas Crown Mortgage works with first-time homeowners, nurses, and veterans across Phoenix and Scottsdale to find mortgage products that fit their unique needs. Our top priority is streamlining the mortgage process for clients to make it less stressful and more accessible. We know how overwhelming the home buying process can be, which is why our team prioritizes the client experience first. Instead of getting pressured into a long-term loan that you can’t afford by a predatory banker, you can get candid guidance about your budget and mortgage options.
Whether you’re buying your first home or looking to upgrade your property, it’s crucial to work with an organization you can trust. Atlas Crown Mortgage has the answers, including if you’re someone who qualifies for a VA loan.