Determining if you’re eligible for a VA home loan is really straightforward. You have to have been a member of the armed forces and discharged in any way other than dishonorable. Surviving spouses of qualified service members may also be eligible. VA eligibility is all based upon meeting certain requirements from the VA. This article will provide all the tools you need to determine if you are eligible for a VA home loan.
Veterans who meet the following service requirements are eligible to receive VA home loan benefits. The chart below (obtained from the VA) illustrates the minimum duration of service required to be eligible based on the time period in which service took place.
Surviving spouses of prisoners of war, missing in action, or those who were killed during service may also be eligible for a VA loan given they do not remarry.
After you determine if you are eligible for a VA home loan it is important to obtain a Certificate of Eligibility (COE) from the VA. This will be required by the VA and the mortgage company processing your loan before it will be approved.
What Are Your Plans?
Before you get your heart set on a home that is not obtainable with a VA loan, plan ahead and find out what limitations the VA has for eligible properties. There are a few restrictions on the type of property that can be purchased with a VA loan and some that require extra consideration.
If you want to purchase a townhome or condominium, be sure it is part of a VA approved complex. This is the only added requirement from a single family home and you will want to check on this in advance to avoid trouble during the loan process later on.
When purchasing a manufactured or modular home in order to be eligible for a VA loan it must be affixed to a permanent foundation. Manufactured homes also have additional requirements that must be met including square footage minimums and proof of sufficient facilities. Not planning for these requirements when obtaining a VA loan can cause a lot of headache and possibly even heartbreak when looking for a suitable property.
New construction loans can be obtained but require VA approval on the builders, plans, and site, as well as several inspections before the loan can be granted. Unfortunately, vacant lots and co-ops are not eligible through the VA loan program.
The good new is there are no special requirements related to single family homes thus making it the easiest type of property to receive VA funding for. Because there are no restrictions it is also the most popular choice with most veterans.
Talk to a Professional
A mortgage company specializing in VA loans should be able to give you all the information you need to know if you can qualify for a VA home loan. Talking to a experienced professional will give you the opportunity to get help with the details specific to your situation.
Give us a call and a mortgage professional will be more than happy to talk with you about your options.