VA Loan Eligibility

Applying for a VA loan, along with the idea that it is considered to a highly advantageous alternative for those whom are qualified, is also fairly easy. There are a few simple steps that will get you on the road to getting a VA loan.

First, you should apply for a certificate of eligibility. Veterans who Don't have a certificate can easily obtain one by filling out an application on the proper form at their local VA office. You should then decide on a home you want and sign a purchase agreement. The next step is ordering an appraisal from the VA. This step is usually carried out by your lender. After the appraisal, you should apply to a mortgage lender for the loan. While the appraisal is going on, your lender can begin collecting information on your income and credit. If the lender is VA-authorized to do automatic processing, the loan can be approved and closed without the VA first reviewing your credit application. If not, the application will be sent to the VA office, who will then notify you of their decision. If you are approved, the loan will be closed and you can move in to your new home.

You are eligible for this process if you are a veteran with active duty service that was not dishonorable, during World War II and thereafter. Only 90 days service is required for those who served in World War II, the Korean conflict, the Vietnam era, and the Persian Gulf Conflict. 180 days service is required for those who served only during peacetime.

As you can see, most veterans with any substantial periods of service are eligible. If you have questions about your eligibility, you may want to ask your local VA.