While the responsibility for checking your legibility for a VA loan rests with the Veterans Affairs office, it is possible to know the facts that can help you earn the loan. As a government-backed mortgage program, VA loans can help active-duty soldiers, veterans, and their spouses. Many soldiers use this loan to buy houses, and it is advisable to consider applying for one. The following will highlight some unique features of VA loans, demonstrating why they are a good alternative for financing your home.
You Can Earn the Qualifications
VA loans are available for members of the military but with a specific service record. There is a minimum of ninety days for service during wartime and 181 days of service during peacetime. Members of the national guard and reserves must serve for at least six years to qualify for VA loans. You can talk to a representative of your military branch to find out your eligibility requirements. If you have not met them and are still in active duty, you can work towards achieving the milestones to secure VA loans. Members of the disciplined forces discharged from responsibility for hardship or medical reasons can also qualify for this loan. The VA can also upgrade your discharge status if you apply to them, allowing you to be eligible for the loan.
Surviving Spouses Are Also Eligible
Soldiers' spouses are affected by wars, especially where those serving are the primary breadwinners. They take a lot of emotional stress and uncertainty while their spouses are in active duty. The VA changed the eligibility requirements of the spouses of veterans, and now more spouses can access VA loans. Currently, spouses of veterans who died in duty, or from duty-related issues, those disabled or are prisoners of war, and those classified as missing in action can apply for VA loans. The secured loan helps surviving spouses cope with their loss and seek a permanent home.
You Are Given a Certificate of Eligibility (COE)
If you are qualified to receive a VA loan, the office of Veterans Affairs will give you a certificate of eligibility as proof that the VA will back the loan. This certificate is a powerful document that can allow you to approach many lenders expediting the lending process. With a COE, the qualification process of these VA loans becomes straightforward, especially if your lender is satisfied with your credit score and debt to income ratio. Although you will have to prove that you can repay your mortgage and other related costs, the COE will make the application process less daunting.
Contact a company like Dominion Capital Mortgage for more information.
Share25 August 2021
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