What is the VA IRRRL Streamline Refinance? The VA IRRRL Streamline Refinance is another way…
When considering a veteran eligibility home loan, it is important to be aware of the requirements that must be met in order to qualify. VA loans require service members and veterans alike to meet certain criteria in order to receive such a loan.
The most basic requirement is having an honorable discharge or general under honorable conditions release from active duty military service
In addition to this, the service member or veteran must have completed a minimum period of 90 days of active duty service during wartime (such as in World War II, Korea, Vietnam and other eligible periods) or 181 continuous days of active duty service (during peacetime).
Certificate of Eligibility
Another requirement is having a Certificate of Eligibility from the Department of Veterans Affairs. This document is necessary to prove the veteran’s eligibility for the loan, and should be obtained prior to beginning the process.
Other requirements include having a decent credit score, enough income to cover any existing debt payments in addition to mortgage payments, and an acceptable debt-to-income ratio. The VA also requires service members to agree to a funding fee on the loan if the veteran does not have any form of disability with the VA. For a VA IRRRL, different rules apply so it’s always good to check with your Va Loan Specialist.
When considering a veteran eligibility home loan, it is important to meet all of the requirements and understand what documents are necessary in order to qualify. With careful planning and research, veterans can enjoy the benefits of this type of loan with ease.
VA Approved Lender
For more information about VA eligibility home loans, please contact us below today. We will be able to guide you through the process and help ensure that you meet all requirements for the loan.
By understanding the veteran eligibility home loan requirements and working with an experienced VA specialist, you can enjoy the benefits of this type of loan with confidence.