VA Loan Eligibility
Right now, VA loans are becoming more and more popular than ever. Especially since many of our troops are coming home from the last 10 years of war. A VA Loan is a home loan designed to help soldiers (or those who have an honorable discharge) buy a home. VA loans require ZERO down-payment, and NO PMI insurance. The loan offers 100% financing.
If any real estate agents out there have a client who is a current or former soldier, encourage them to look into a VA loan. If they're not sure how to get started, here are some tips on your VA Loan eligibility requirements:
1. Obtain a certificate of eligibility (COE) for a VA Loan (or a DD214)
Each applicant must show proof that they are either current or retired military. A veteran can request the certificate themselves, or a loan company can do that for them through an automated certificate eligibility system.
2. To apply for a VA loan, clients must either have received a discharge (except a dishonorable discharge) or be Active Service Personnel.
3. For Active Duty veterans discharged during or after WWII, Korean or Vietnam wars you must have at least 90 days of active duty.
4. For Peacetime Veterans or active personnel you must have at least 181 days of continuous active duty.
5. If you were enlisted service after 1980, he/she must have completed at least 24 months of continuous active duty or the full period (at least 181 days) for which they were ordered or called to active duty.
VA loans offer great advantages to veterans such as zero down payments, competitive interest rates and relaxed qualifying standards. Learn more about VA loans today, or get started and pre-qualify for your VA loan!
If you're in the Kansas City area, call my office at (816) 268-4025 to have local mortgage consultant help you obtain a VA loan.
Check us out online: www.MidwestVALoans.com
Watch our videos on youtube: www.youtube.com/MidwestVALoans
read our blog: http://www.midwestvaloans.com/va-loan-tips/
Updated: 3-1-13
VA Loan Eligibility
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