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VA Loans Qualification: It Just Keeps Getting Better

By Ching D. Dubin

Republish: EasyPublish™
Published: 15Mar2012
Word count: 1369
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Veteran's (VA) loans are designed to give veterans who desire home ownership a leg up in the lending landscape. As such, the VA loan advantage consists of several things, including less-restrictive eligibility guidelines and the ability to borrow up to 103.15 percent of the value of a home for purchase transactions. Additionally, service members honoring activity duty commitments may have their interest rates frozen during extended absences. This makes veteran loans some of the most competitive home-financing instruments on the market.

VA Loan Eligibility: Is It Complicated?

To be eligible for VA loans, service members (active or retired), or surviving spouses of active members killed in the line of duty, must obtain a Certificate of Eligibility (COE) based on qualifying length of service and/or discharge. Many VA-approved mortgage lenders help applicants obtain a COE during the loan application process. A COE may also be obtained manually by directly filing an application with the Veteran's Administration. Either way, applicants must have a valid COE in order to be eligible for a home loan that will be guaranteed by the Veteran's Administration.

Many first-time homebuyers worry about having enough money for a down payment and having a blemish-free credit profile for an extended period. However, qualifying for veteran loans is more straightforward than conventional loans. Apart from a valid Certificate of Eligibility, veterans enjoy relaxed credit prequalification (fico scores as low as 600 in some cases!), little or no down payment requirements, lower payments and lower interest rates, and no pre-payment penalties for early payoffs.

As you can see, the eligibility and qualification requirements for a veteran loan are very attractive. It's no wonder the veteran loan is so valuable! In a nutshell, a veteran loan affords those who have honorably served an opportunity to achieve homeownership. What better way to reward service members than with a mortgage loan designed to meet his or her needs?

Since 1944, the GI Bill, or Servicemen's Readjustment Act, has helped millions of veterans become proud, independent homeowners. Unfortunately, only about 10 percent of eligible veterans take advantage of this opportunity. Therefore, if you are a veteran and would like to become a homeowner, or would like to know more about VA loans, contact a local VA-approved mortgage lender for more information. Someday soon, you'll hear the words: welcome home soldier; and hopefully, this will be in reference to a home of your own.

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