What are the Eligibility Requirements for a VA Home Loan?

Just before you get to know about the eligibility criteria for a VA home loan you must know what it is all about. VA home loans are mainly disbursed to the one who has already served as military under the United States government.

If you are a genuine person who is going to make use of the program then it will not trouble you a lot. The reason behind it is that they have very lenient eligibility criteria. Mentioned below are some of the eligibility criteria for the VA home loans. They are:

  • You can only avail the benefit of the loan if you have been or currently serving in the military. Thus, if you have not been to the military in past then you cannot opt for a home loan under this program.
  • There is no specific limit on how much loan could be processed but the loan credit limit varies based on geographic location and the maximum that it can process is seven hundred twenty-nine thousand dollars. 
  • To be clear let me inform you that you do not need to pay any insurance premium which is normal if you apply for a loan under another scheme. Thus, it can be said that by applying for VA home loans you can save this amount as a part of your expense. You might find it a small saving upfront but in long run, it can turn out to be a costly deal. 

Apart from all this, the certificate of eligibility must include the amount of loan that you are looking for and also the part of the loan which the VA will guarantee. There are two ways by which you can get the certificate of eligibility one is from the VA and the other way is to get it from the mortgage lender as they can get it for you from the internet. You need to keep one thing in your mind that the credit of VA home loan varies from country to country. Before you can apply for a VA home loan and get it financed it is very important that you only apply for a VA home loan from the approved lender. This will help you to ease the process for the most of the VA home loan. If you want then you can also consult VA home loans San Diego, they will help you with your further process.  

admin


James Harrison: James, a supply chain expert, shares industry trends, logistics solutions, and best practices in his insightful blog.