Are you a Veteran Looking to Buy a HOME?

NO DOWNPAYMENT with VA Mortgage Loans

United States’ veterans have access to the Veterans Home Loan Program which offers guaranteed home loans to all eligible service members. While you may be aware of this benefit, are you clear on how to qualify for the program?

In Guaranteed Rate’s continued effort to offer easy-to-understand mortgage information, we present details on how to qualify for a VA home loan.

Eligibility

All circumstances require eligible veterans to be honorably discharged.

Wartime

• Service of 90 days or more; or
• Service of 90 days or less with an honorable discharged due to a service-related disability.

Peacetime

• Service of 181 days or more; or
• Service of 181 days or less with an honorable discharged due to a service-related disability.

Reservist or National Guard

Service of at least 6 years. While this is a lending guideline, the VA can be flexible and you should speak with your seasoned VA mortgage professional about your options.

Spousal Benefits

The spouse of a deceased service member is eligible for the VA benefit provided the spouse has not remarried. Additionally, the deceased service member must have passed while in the line of duty.

Children of deceased veterans are not eligible for VA mortgage loan benefits.

Credit

While the VA has no credit requirement, lenders typically require a minimum of a 620 credit score. While VA is a benefits program that allows for some lending flexibility, you must show adequate income.

Want to know more? Contact me at lisabear@remax.net or call 262-893-5555