Are You Eligible For A VA Loan? Find Out Here!May 21st, 2021 by Administrator
If you are to be eligible for a VA loan, you or your spouse must meet the basic requirements set by the Department of Veterans Affairs (VA), along with having a valid Certificate of Eligibility (COE) and have the appropriate credit and income levels.
Even after knowing this, there are still lots of questions and confusion regarding veteran benefits, and who they extend to. For instance, there are some relatives of veterans who hope that they can cash in on veteran benefits in one way or another, through shopping discounts, healthcare, or even the VA loan program. Well, unfortunately for them, it is very rare to see the benefits of veterans extend further than the spouse or minor children of the veteran. To help you have a better idea, the following is a quick list of people who are eligible for the VA loan, in particular.
- Veterans (of the Air Force, Navy, Army, Marine Corps, or Coast Guard)
- National Guard members
- Reserve members
- Some surviving spouses
- Active-duty personnel
If you are someone on active duty, you are most likely to qualify after six months or so. People working as reserve members or members of the National Guard are required to wait for six months before they can apply for the VA loan unless they are called to active duty before that time frame.
Furthermore, it is important that one or more of the following requirements are met in order to be eligible for a VA loan.
- Served for 90 days of active service during wartime
- Have 6 years of experience servicing in the National Guard or Reserves
- Served for at least 181 days actively during peacetime
- You are the spouse of a service member who has expired due to a service-related injury or disability or during the service
Is a VA loan right for you?
A VA loan is considered to be quite a good option for those individuals who don’t have the perfect credit, or who want to purchase a home without any down payment but don’t wish to spend on mortgage insurance. All you must keep in mind is that you would require proof of military service to be eligible for the VA loan and you might have to pay a funding fee that could add a substantial cost to your loan.
In a nutshell, if you are an eligible veteran, service member, or military spouse, you are allowed to get a VA loan. You can then take the help of a real estate agent and buy a home without any down payment whatsoever.