VA loans offer veterans a great chance to purchase a new home, or refinance an old mortgage. This is what you need to know to find out if you qualify today.
You must have served time in the military
In order for you to qualify for any sort of VA backed loan, you will need to have served time in the military. This will be specified by the lender and more importantly, the Department of Veteran Affairs. There will be seven different uniformed services that are recognised for VA home loan benefits.
They include the army, navy, air force, marines, coast guard, national oceanic atmospheric administration and public health service. It is also possible for those who served in the national guard or reserves for a set period of time to qualify too. Most service members will be eligible if they have served at least two years in regular service, or six years in the reserves. If you have served 90 days in active duty during wartime or 181 days during peacetime then you will qualify.
Speak to a VA loan specialist
A VA loan specialist will be able to give you the best advice if you’re in doubt. They are experts within the loan industry who understand the needs and requirements to navigate the Department of Veteran Affairs, allowing them to fill out a lot of the paperwork for you.
These loan experts will work with veterans to get their home purchases completed, or to help refinance a loan. The interest rates will be competitive, and offer a range of bonuses compared to traditional loan and mortgage lenders.
You should ensure you consult your lender before speaking to any realtors, so that you have a better understanding of the costs involved and help you answer the question am I eligible for a VA loan? Hero Loan are one such lender that you should consider speaking to, as they can explain the process to you, and fill out the forms on your behalf. They have years of experience so you know you will be getting a good service.
Apply for a VA certificate of eligibility
One of the most important steps of gaining your new VA loan is through obtaining a certificate of eligibility. This is a proof of service from a veteran’s point of view, awarded from the Department of Veteran Affairs once applied. There will be a minimum amount of service required in order to qualify, which the department will outline to you.
There will be a few different ways to apply for a certificate of eligibility, with the most common being using the VA’s online portal. You can also apply by mail using VA form 26-1880 or allow your VA lender to do this for you. The process may only take a few minutes to complete, but you will need proof of your military service from, which is DD-214. Then you will be able to focus on getting your home loan sorted without hassle.