10 Things to Know About VA Loan Eligibility

Do you have a VA loan eligibility? Although the VA usually decides eligibility, knowing these information will help you get the loan you deserve!

An excellent option for financing a home is a VA loan. There are numerous distinctive aspects of the government-backed mortgage program that help borrowers save money both up front and on a monthly basis. In fact, it's one of the few loan-to-value (LTV) programs that permits 100% financing, so you might be able to finance the entire loan amount. Better still? Even with no down payment, private mortgage insurance (PMI) is never required.

Who wouldn't appreciate having no down payment and no PMI? Many would, but VA loan eligibility is not automatic; it must be achieved. You can establish your own eligibility by using the following 10 facts concerning VA loan eligibility. Check your eligibility for a VA loan. To contact a lender who has been approved, click here right away.

One Must Earn Eligibility for VA Loans

Most service members are informed that if they serve long enough, they will qualify for a VA loan. Service needs typically include the following:

2 years for active duty personnel

6 years for National Guard and Reserve personnel

90 days of wartime active duty

181 days of active duty in a year of peace

Are You Eligible for Benefits from Home Loans?

 

2. VA Home Loan Benefits Are Available to All Uniformed Services

 

Most people may consider a number of military branches while considering their eligibility for VA loans. However, did you know that seven uniformed branches offer advantages for house loans? These consist of:

Air Force Army Navy

National Oceanic Atmospheric Administration (NOAA) Public Health Service Marines Coast Guard Space Force (USPHS)

You could be able to get a VA loan if you're a commissioned officer in the NOAA or USPHS. To learn more, please visit the VA website.

3. Members of the Reserve/National Guard May Obtain Eligibility

Veterans Loans are also available to weekend warriors. After six years of service, if you are presently serving your country in the Reserve or National Guard, you are qualified for this wonderful perk. not anymore on active duty? Not always a concern. A large number of reserve members served on active duty during the Iraq War. If so, the active duty wartime (90 days or duration ordered) eligibility rules may apply to you. The following is how Reserve and Guard members commonly qualify:

six years of service and an honorable discharge, retirement, or

after performing honorable service, transferred to the Standby or Ready Reserve, or continued to serve in the Selected Reserve

Again, for further information, consult the VA website.

4. Serving in Active Duty Allows You to Receive Benefits More Quickly

You can be on the fast track to receiving your home loan benefits if you're on active duty or have been called up for active duty service. (Period requirements vary.) The requirements for active duty are listed as follows:

For active duty service members, 90 nonstop days

90 days of active duty for Guard and Reserve personnel currently serving (this can be either Title 10 or Title 32 service)

Veterans of all wars received 90 days total till May 7, 1975.

 

Veterans of the peacetime who served continuously up until September 7, 1980 (officers: 10/16/1981)

For Veterans of the peacetime, at least 181 days or a full call 09/08/1980 - 08/01/1990 (10/17/1981, officers' starting date)

Gulf War Veterans: at least 90 days or full call from August 2, 1990, to the present

Making your own eligibility determination might be challenging. Get in touch with a lender that focuses on helping veterans if you need assistance.

5. Surviving Spouses May Be Considered

Not only do spouses actively participate in the decisions made by their husbands, wives, or partners, but also in those that have an impact on the military. Additionally, their sacrifice for the greater good might result in uncertainty, worry, and even the unthinkable because they are not serving alongside their spouses.

In the past, surviving spouses were only qualified for VA loans if a husband or wife passed away while on duty or suffered an injury while performing their duties. However, times have evolved. Now, if a veteran passes away from any cause, his or her spouse may apply for a VA loan as long as the veteran had a condition related to their service during a time period specified by the VA and was entitled to benefits at the time of death. Several prerequisites for eligibility include:

Veterans who have passed away while serving or due to circumstances related to their service

Veterans who were POW or MIA and qualified for compensation

During this sad period, surviving spouses should seriously consider asking the VA about available bereavement benefits.

6. A Few Additional Members May Obtain Eligibility

Did you know that not only members of the National Guard and Reserves but also veterans from all seven branches are qualified to receive VA loans? In fact, a number of additional groups might be qualified, including:

West Point Midshipmen Naval Academy POW and MIA Academy Cadets Air Force Coast Guard West Point

Naturally, there are rules that apply. But if you fit into one or more of these groups, you might be eligible for a VA loan. Click here for additional information about VA loan eligibility.

7. The Home Has Requirements for Eligibility

You should be aware that only particular kinds of properties can be funded under VA loans, and that the house you buy must comply with VA minimum property requirements (MPRs).