DOES VA LOAN ELIGIBILITY EVER EXPIRE?
The Veterans Affairs, or VA, offers mortgage loans to people who have served in the United States military.
The loan was created to help service members and their spouses buy a new home.
If you are a military member or a Veteran and are looking for a home loan, you need to be familiar with VA loans and how they work.
WHO IS ELIGIBLE FOR A VA LOAN?
To meet the requirements for a VA loan, you can have served during wartime or peacetime.
Ăź Veterans who have served in wartime are required to have been on active duty for 90 days consecutively. Ăź People who have served during peacetime need to have served for at least 181 days.
Ăź National Guard or Reserves Veterans must have served for a minimum of 6 years. Ăź Spouses of military personnel who have died in the line of duty or because of a disability related to being in the service could meet the requirements.
WHAT IS NEEDED TO BE APPROVED FOR A VA LOAN?
If you meet the qualifications for a VA loan, you will need to acquire a Certificate of Eligibility.
You can begin the loan process without it, but you will eventually need it. Lenders will use this certificate to verify that you are eligible to receive the loan.
You can request this certificate through the mail, or you can request it online.
You will also need the DD-214, a document that details a person's military service history and terms of separation. It's required of all military borrowers who are no longer on active duty. Veterans receive their DD-214 upon separation from the armed services.
If you’re unable to locate your DD-214, the federally-run National Personnel Records Center can issue a duplicate DD214 upon request. Your VA-approved lender can also request your replacement DD-214 on your behalf.
Active duty service members will need to provide evidence of their service, called a Statement of Service. This includes the start date of active duty plus a signature from a senior officer or assistant.
VA LOAN REQUIREMENTS
Ăź To be approved for a VA loan, lenders like you to have a credit score of at least 620.
Ăź You also will probably need a debt-to-income ratio of 41% or lower.
Lenders want to make sure you can repay the loan before they approve you.
DOES MY ELIGIBILITY EVER EXPIRE?
Your eligibility will never expire. However, if you are discharged or released from duty before using the loan, a new determination must be made on eligibility.
If you have used a VA loan in the past, you can be eligible again, but the first home must be paid in full.
You could even be eligible if you have lost your home to foreclosure, depending upon the circumstances.
VA LOAN PROCESS
If you meet the requirements for a VA loan, you need to find a lender who accepts VA loan applications.
Search around for reputable lenders or better yet, enlist the services of a VA loan specialist.
You then need to start working on getting your certificate of eligibility to prove you meet the requirements.
It is also a good idea to get pre-qualified for the loan, so you will know how much you can spend.
The lender might ask you for certain documents, such as: ü Paystubs ü W2 Forms ü Bank Statements
You can then start searching for your home. The lender will send you documents to look over and sign. An appraisal will be ordered on the home.
After final approval, you are ready to sign on the loan. The whole process usually takes from 30 to 60 days.
Military personnel and veterans have worked hard to keep this country safe.
If you are purchasing a home and meet the requirements for a VA loan, this is a great loan that can help you achieve the goal of owning a new home.
Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com
VA Loans for Vets 7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com