Do You Qualify for a VA Loan?


We have gone through the benefits of why a VA Loan might be worth your while. Perhaps you are more enticed to look into a VA Loan and maybe you have decided that it sounds like the most prudent option for you and your family to finance the purchase of your next home.

But do your qualify and are you eligible for a VA Home Loan?
army man


progress one of three
This info will help determine your eligibility for VA Benefits.
Loan Type
State
Approximate Loan Amount:

(an estimate is fine)
Current Interest Rate
Area

This info will help determine your eligibility for VA Benefits.
Credit Rating:
(an estimate is fine)
Military Status:
Plan to Purchase:

What is preventing you
from buying a home now?:

Currently Owe:
(an estimate is fine)
Credit Rating:
(an estimate is fine)
Do you currently have a VA Loan?

Military Status:
Ever filed for bankruptcy?:
Refinancing a manufactured home?

Please provide contact info so that we can get in touch with you.
FFirst Name
Last Name

Phone
- -

Current Street Address
Email

Alt Phone
(recommended)
- -

Current Zip Code

I agree to the privacy policy and terms and conditions,
        and to be contacted at the number provided.

HACKER SAFE certified sites prevent over 99.9% of hacker crime.
water mark
1400 Veterans United Drive, Columbia, MO 65203
We are a VA Approved Lender - NMLS #1907
Not a Government Agency

Here are the basic eligibility requirements for a VA Loan:

90 days or more active duty service during wartime
181 days or more of active duty during peacetime
You were not dishonorably discharged
You are active duty and meet the above requirements
You are the surviving spouse of a veteran who died during service or because of service-related injuries and you have not remarried


If you're a reservist, you will need six years of service and an honorable discharge - OR - if you've been deployed for 90 days or more in a combat zone, then you will be eligible for a VA Loan. You can visit http://www.homeloans.va.gov/eligibility.htm to learn more if your situation differs.

Alright, so we have established that you are eligible, but now comes the other question - do you qualify for a VA Loan? The fastest and easiest way to determine your eligibility is by getting a quote from a VA Approved lender. After completing the form below, you will be contacted by VA Mortgage Center.com who can let you know if you are eligible, how much you qualify for, and advise you of your options.

Factors to Consider when qualifying for a VA Loan.

Credit
You don't have to have great credit to qualify for a VA Loan. Lenders will vary on what they are looking for credit score-wise, but most require a 620 minimum score. Lenders are going to look at your last 12 months to make sure you've been timely with all your payments as well. One late payment won't disqualify you, but lenders want to know you are on top of your credit.

Employment
The VA likes it when you are employed - it makes you an attractive borrower when they know you have steady income and it's been that way for 2 consecutive years. There are circumstances where VA will allow for less than 2 years, but you will need a good explanation and documentation to support it.

Income
The VA wants you to not only have enough money to make your mortgage payment each month, but they want you to have money left over after everything has been paid as well. This is called your residual income and there is a minimum requirement depending upon your location and family size.



Bankruptcy
If you've had one - don't fret, it's not the end of your VA quest - you just have to wait. VA requires that you're two years removed from a Chapter 7 Bankruptcy discharge and 1 year removed from a Chapter 13 discharge. Also, VA requires that you've had no late payments while paying off a Chapter 13 Bankruptcy.


If you are confident that you'll have no problem qualifying for a VA Loan, then the next step is to get your Certificate of Eligibility, which you can obtain from the VA or your VA Loan Officer can obtain one for you as well.


Connect with a VA Home Loan Specialist.