va loan eligibility: VA Loan Reader Questions: Why Can’t I Use My VA Home Loan Benefits? - 04/12/12 07:02 AM
A reader asked us recently, “I bought my first home using a VA loan. I was honorably discharged. I was approved for a two week early release and was told I would receive my full benefits."
"The home I’m living in now is through an FHA loan because I was told that I was not approved for a VA loan. I served two weeks shy of two years active duty and was approved for early release with the understanding I would receive my benefits. Is there anything I can do about this or was my time in the Navy for nothing?
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va loan eligibility: VA Loan Eligibility Periods - 03/22/12 04:55 AM
The most basic aspects of the VA home loan program include the rules on who is eligible to apply for a VA mortgage. These rules for eligibility include requirements for minimum time in service. That time in service requirement is not consistent–much depends on what the VA rules were at the time the borrower joined the military.
The VA publishes a complete list of the time-in-service requirement for all members of the armed forces, starting with World War II veterans all the way to today’s currently serving military members. What follows are the VA guidelines for eligibility based on when the … (0 comments)
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va loan eligibility: VA Loan Eligibility Rules - 03/20/12 05:27 AM
In order for VA loan applicants to be approved for a VA insured mortgage, they must first establish eligibility with the Department of Veterans Affairs. This is required so that the VA can verify the borrower has met requirements including time in service, and other factors.
Once a borrower’s eligibility has been established, the lender can proceed with the VA home loan process. But what happens when a borrower has used his or her eligibility for a home loan and wants to get it restored again later for another mortgage?
Borrowers can apply for restored eligibility once they have sold the property or otherwise paid off … (2 comments)
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va loan eligibility: VA Loan Eligibility: The Basics - 02/10/12 03:11 AM
One of the most frequently asked questions about VA home loans is, “Am I eligible for a VA insured home loan?”
VA mortgages are for former and current members of the U.S. armed forces who qualify under the VA rules for time in service and, where applicable, the nature of the veteran’s discharge from military service.
VA loan eligibility is also given to qualified surviving spouses of military members who died during or as a result of military service.
But the rules for VA home loan eligibility vary based on a number of factors, including the dates of service. For example, … (0 comments)
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va loan eligibility: Reusing VA Home Loan Eligibility - 02/01/12 10:37 AM
VA home loans require a borrower to establish eligibility for the VA loan benefit before the loan application process can begin. A borrower applies for a VA Certificate of Eligibility, and once received either by mail or electronically the borrower and lender can work together on the VA mortgage loan.
Some borrowers use their VA loan eligibility and later decide they would like to apply for another VA home loan. This would seem to be the case for one reader, who asks:
“How do I find out if I can use my VA loan again?”
According to the VA official site, … (0 comments)
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va loan eligibility: VA Loan Rules For Subsequent Use - 10/14/11 09:48 AM
The Department of Veterans Affairs has rules for VA borrowers who want to use their VA home loan benefits a second time.
The first-time VA loan applicant is likely not thinking at that moment about how they could use their VA loan benefits again, but there are plenty of circumstances where the borrower may need to have VA loan eligibility restored so a full VA loan entitlement may be used to purchase eligible property.
Those circumstances include divorce, relocation due to career changes, or simply the desire to get into a larger, more accommodating property. After all, it’s easy to outgrow … (1 comments)
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va loan eligibility: VA Changes Address For Certificate of Eligibility Paperwork Submissions - 09/27/11 08:51 AM
When you Google the phrase “VA Loan Eligibility” you’ll get a set of results all directing potential VA borrowers to apply for a VA Certificate of Eligibility for a VA mortgage.
This is the first step towards a VA home loan. According to the VA official site, “You can apply for a Certificate of Eligibility (COE) by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits…in some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence.”
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va loan eligibility: VA Loan Eligibility For Guard And Reserve Members - 08/16/11 09:58 AM
In a previous blog post, we covered eligibility requirements for VA home loans. The general rule states vets are eligible for VA home loans if they have served on or after September 15, 1940, have a minimum time in uniform as described in VA regulations and have a discharge that is anything but dishonorable.
Minimum service times for active duty members is different based on when the service occurred. For most modern soldiers, sailors, airmen, and marines, the two year rule applies. “A greater length of service is required for veterans who enlisted (and service began) after September 7, 1980, or … (1 comments)
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va loan eligibility: VA Loan Eligibility–Who Can Apply? - 08/16/11 09:47 AM
VA home loans are intended for veterans who meet minimum time in service requirements and/or discharge criteria. The minimum service time is not standardized–much depends on when you served–but there are general guidelines a potential VA borrower can review.
The VA Lender’s Guide has a General Rule for Eligibility to help borrowers and lenders, and more specific guidelines broken down by service dates.
The general rules state, “A veteran is eligible for VA home loan benefits if he or she served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940, and was … (1 comments)
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va loan eligibility: VA Loan Eligibility Restoration Facts - 08/11/11 09:23 AM
VA loan eligibility is not automatic–borrowers must apply for it. The loan eligibility application process ends for most when the VA issues the borrower a VA Certificate of Eligibility, which indicates to the lender that the borrower is indeed able to apply for a VA home loan and how much entitlement the borrower has remaining.
Those who have never used their VA loan entitlement will get a COE which shows 100% of the entitlement as available. Those who have purchased a home before may have remaining entitlement that was unused on the original loan–that entitlement may be used for a new … (1 comments)
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va loan eligibility: VA Loans: Who Else Can Qualify For One Besides Veterans? - 06/28/11 09:22 AM
In a recent blog post we discussed applying for VA loan eligibility and how it can be done through the lender. Active duty military, retired and separated military, plus members of the National Guard and Reserve who meet the time in service and/or discharge requirements may all apply for VA loan eligibility. This can be done online, by mail or even with the lender’s help.
But is there anyone else who is qualified to apply for VA home loan benefits? Can surviving spouses of veterans or the children of veterans also apply to use this benefit?
At the time of this … (1 comments)
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va loan eligibility: How Easy Is It To Apply For VA Loan Eligibility? - 06/28/11 09:20 AM
Applying for a VA loan can be intimidating for those who have never tried to get eligibility for this important veteran’s benefit and start the process. The good news is that once you’ve chosen a participating VA lender, the loan officer can help with some of your initial paperwork. Getting VA loan eligibility is the first hurdle you must clear to start the actual loan process, and the lender can apply on your behalf over the Internet.
If you choose to have the lender help you apply for VA loan eligibility, you’ll need to bring in documentation required by the VA. … (1 comments)
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va loan eligibility: The Difference Between VA Loan Eligibility and VA Loan Approval - 06/16/11 09:37 AM
VA home loans have two different stages for the first time home buyer. The first is the initial stage where the borrower applies for VA loan eligibility, which is simply the process of submitting paperwork to the Department of Veterans Affairs establishing that the borrower is a veteran eligible for the benefit itself.
The second stage is the VA loan application process, where the borrower works with a lender to get VA loan approval.
VA loan eligibility should not be confused with VA loan approval. Eligibility simply indicates that a veteran meets all the criteria required to take advantage of the … (3 comments)
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va loan eligibility: I Had a VA Loan Previously. Can I Get Another One? - 06/09/11 12:05 PM
One of the most common questions about VA home loans is whether a VA borrower can take out another VA home loan at some point in the future. This isn’t a simple question to answer–the answer may vary depending on your circumstances.
For example, consider the case of a borrower who purchased a home using a VA insured loan pays off the original loan and has sold the home. Can this borrower apply for a second VA loan? According to the VA, “Normally, if you have paid off your prior VA loan and disposed of the property, you can have your … (1 comments)
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va loan eligibility: Who Can Get a VA Home Loan? - 06/08/11 10:13 AM
When discussing VA home loans, it’s easy to assume the benefit is for active duty service members only, but in reality there are a lot of people who can apply for VA loan eligibility. While it’s true that active duty members who have served 181 days or more are eligible to apply, there are also rules for those serving in the Selected Reserves, National Guard, and even some civilians.
Anyone who has served at least six years in the Guard or Reserves is eligible to apply for VA loan eligibility provided they are either still serving, got an honorable discharge, or … (1 comments)
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va loan eligibility: VA Loans: What Makes a Property Ineligible for a VA Home Loan? - 05/02/11 09:41 AM
When a buyer finds a suitable property, before he or she can be approved for a VA home loan the house must be appraised to determine fair market value and make sure it meets minimum property requirements.
When the appraiser takes on an assignment to look over such a property, the first order of business is for the appraiser to determine the nature of the property as new construction, existing construction, or proposed/under construction. Depending on which type of property it is, the way the home is appraised may vary.
Once the type of property has been established, there is a list … (1 comments)
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va loan eligibility: VA Loans and Other Than Honorable Discharges - 04/28/11 09:37 AM
There are several different ways a military member can leave the service. One is to complete 20 years or more of service and apply for military retirement.
Another is to simply allow the current term of enlistment to expire without re-enlisting. Another way is to be given a discharge by the military for any number of reasons–there are medical discharges, discharges performed for the convenience of the government, even punitive discharges in cases where a military member has been found guilty of wrongdoing and the government chooses to expel the member from service.
No matter how the military member leaves … (1 comments)
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va loan eligibility: Why Rank Matters When Applying for VA Home Loans - 04/07/11 09:45 AM
Retired and separated military people applying for VA home loans use their civilian income plus any pay or benefits they get as a result of their military service. When applying for a VA loan, retired/separated veterans should include any additional anticipated income from promotions, bonuses, or other funds they may get in the course of their employment.
But what about current military members? It’s easy to forget about an upcoming promotion when the date is several months or longer in the future, but any additional income that an increase in rank brings should be documented to help the lender accurately determine debt-to-income ratios and … (2 comments)
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va loan eligibility: VA Loan Eligibility Questions - 02/24/11 10:15 AM
VA borrowers have many questions in the VA loan application process-and not all of them come from first-time home buyers. There are a range of questions about VA loan eligibility that pertain to second loans, surviving spouses of deceased military veterans and other issues that frequently come up in when someone starts preparing to apply for a VA mortgage.
In the last few years, thanks in no small part to the housing crisis and financial woes of the recession, questions about foreclosure and getting a new VA loan in the wake of default and foreclosure are more common. They include this … (0 comments)
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va loan eligibility: How Active Duty Veterans Should Apply For VA Loan Eligibility - 02/18/11 10:38 AM
The very first step to getting a VA home loan is to apply for a VA Certificate of Eligibility. Veterans who have served the proper minimum time in service for their status as regular active duty, or Reservists and National Guard members who have served on active duty may be technically eligible to participate in the VA home loan program but that eligibility is not automatic. Applying for and getting the VA Certificate of Eligibility is the start of the VA loanjourney.
Qualified vets can apply for the certificate once they’ve been in the service for the required minimum time. It’s not necessary to wait until it’s actually time … (1 comments)
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