Are you a veteran or a surviving spouse of a veteran? If yes, then you might be eligible for a VA home loan. This loan is a great benefit offered to military personnel and their families. VA home loans are provided by private lenders, such as banks and mortgage companies, but are guaranteed by the Department of Veterans Affairs (VA). This guarantee makes it easier for veterans and their families to qualify for a home loan. Here are the requirements for a VA home loan in 2015.
Eligibility
To be eligible for a VA home loan, you must meet the following requirements:
- You must have served at least 90 consecutive days of active duty during wartime
- You must have served at least 181 days of active duty during peacetime
- You must have served at least 6 years in the National Guard or Reserves
- You must be the surviving spouse of a veteran who died in service or as a result of a service-connected disability
If you meet any of these requirements, then you are eligible for a VA home loan.
Credit Score
Unlike other loans, VA home loans do not have a minimum credit score requirement. However, most VA lenders will have their own credit score requirements. Usually, a credit score of 620 or higher is required to qualify for a VA home loan.
Income and Employment
To qualify for a VA home loan, you must have a stable income and employment. You will need to provide proof of income, such as pay stubs or tax returns. If you are self-employed, you will need to provide additional documentation, such as profit and loss statements.
Property Requirements
The property you want to purchase with a VA home loan must meet certain requirements. The property must be your primary residence and must be move-in ready. The property must also meet the VA’s minimum property requirements.
VA Funding Fee
One thing to keep in mind when applying for a VA home loan is the VA funding fee. This fee is required by law and is used to help fund the VA home loan program. The amount of the funding fee will depend on the type of loan, your military status, and the size of your down payment. The funding fee can be paid upfront or rolled into your monthly mortgage payments.
Conclusion
Overall, VA home loans are a great benefit for military personnel and their families. If you meet the eligibility requirements, have a stable income and employment, and find a property that meets the VA’s requirements, then you might want to consider applying for a VA home loan. The process can be a bit complicated, so it’s important to work with a VA-approved lender who can guide you through the process and answer any questions you might have. Good luck!