Brought to you by the VA Loan Specialists

Do You Qualify for a VA Loan?

Check the Eligibility Requirements and Qualifications 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 you qualify and are you eligible for a VA Loan?

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 also go to 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 some quotes from VA Approved lenders. After completing the form below, you will be contacted by up to 3 VA Approved lenders who can let you know if you are eligible, how much you qualify for, and advise you of your options. Your credit will not be pulled and you are not obligated to choose any one of the lenders.

Loan Information - Step 1 of 3 Go Back To Form Loan Type: VA Home Purchase VA Home Refinance How Soon? Within a Month In 2-6 Months Over 6 Months What State? Select... Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Approx Loan Amt: Select... $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 Estimate Your Credit Rating: Select... Excellent Good Fair Poor Are you Eligible for a VA Loan? Yes Unsure No First Name: Last Name: Phone Number: Alt. Phone:   (cell recommended) Email: I agree to Terms and Conditions. Loan Type: VA Home Purchase VA Home Refinance Your Home's Value: Select... under $60,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 over $400,000 Currently Owe Select... under $60,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 over $400,000 Current Interest Rate: Select... under 4.5% 4.500%4.750%5.000%5.250%5.500%5.750%6.000%6.250%6.500%6.750%7.000%7.250%7.500%7.750%8.000%8.250%8.500%8.750%9.000%9.250%9.500%9.750%10.000% over 10% What State? Select... Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Credit Rating: Select... Excellent Good Fair Poor   (estimate is fine) Ever File for Bankruptcy? Select... Never Currently Within the year 1-2 years ago 2-5 years ago 5-7 years ago Over 7 years ago Are you Eligible for a VA Loan? Yes No Unsure First Name: Last Name: Phone Number: Alt. Phone:   (cell recommended) Email: I agree to Terms and Conditions.

Credit

Like we said before, 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.

These are some of the major items to consider with qualifying for a VA Loan. There’s also a chance that your situation might differ from what’s been explained above, so you would want to talk to a VA Loan Specialist to find out if you qualify.

However, 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.

I Filled Out The Form. What Next?

By submitting your information, you are asking to get more information from a VA Approved Home Loan provider. THey will contact you to go over your needs, determine your eligibility, let you know what you qualify for, and discuss your options. There are absolutely no obligations, you are simply asking for more information.

• See the Benefits of a VA Loan
• VA Loans for First Time Buyers
• Do You Qualify?
• How to Get Started
• Refinance with a VA Loan