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. Veterans who have served in wartime are required to have been on active duty for 90 days consecutively. People who have served during peacetime need to have served for at least 181 days. National Guard or Reserves Veterans must have served for a minimum of 6 years. c 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. VA Loan Requirements To be approved for a VA loan, lenders like you to have a credit score of at least 620. 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. 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.
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