VA Eligibility Requirements

VA LOAN REQUIREMENTS

Veteran's home loans are designed to help active and retired service members receive approval for affordable home loans or refinancing opportunities that are backed by the government. Most service men and women will have no problem receiving approval and meeting the VA loan requirements, but there are a few eligibility criteria that we will be happy to help you understand.

 

VA LOAN ELIGIBILITY

  • Serve 90 consecutive days during wartime (Active Duty)
  • Serve at least 181 collective days during peacetime (Active Duty)
  • Serve at least 6 years in National Guard or Reserves
  • Have a spouse that has died in combat or of service-related injuries

USES OF VA MORTGAGE

  • Purchase a property in a VA-approved development
  • Build a new home
  • Purchase and renovate a property
  • Complete renovations to make an existing home more energy efficient

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ADDITIONAL VETERANS MORTGAGE LOAN REQUIREMENTS

When you are applying for a VA home loan, Uniform Services Veterans Mortgage will take factors such as your credit score, credit history, and debt-to-income ratio into consideration. Unlike when applying for conventional lending opportunities, the credit requirements for VA financing are very lenient, and we will work closely with you to ensure that you receive a VA loan that you can afford.

RECEIVING APPROVAL FOR VA STREAMLINE REFINANCE

Veteran's streamline refinance opportunities, also known as VA IRRRLs, provide a way for borrowers who already hold an existing veteran's mortgage to benefit from a reduced interest rate. Borrowers can also benefit from VA cash-out refinance options to pay for home improvements or other expenses. The qualifications for a VA loan refinance are similar to those to receive a VA home loan, so getting approved should be quick and easy. Our specialists can help you understand how to get approved and what to expect.

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Find Out If You are Eligible

Not sure if you qualify for a VA loan or VA refinance? No problem! Our VA financing specialists can help you determine if you meet the eligibility requirements. Please call us at 888-997-8786 to see how we may assist.