Not all who have served in the Armed Forces qualify for a VA loan. You must meet at least one of the following criteria to qualify: Served 181 days of active service during peacetime .
Can you get a VA loan after service?
Generally, you may be eligible for VA loan benefits if you've served: At least 90 consecutive days on active duty during wartime . At least 181 consecutive days on active duty during peacetime . Six years in the National Guard or Reserves .
How long do you have to be in the service to qualify for a VA loan?
You may be eligible for a VA loan by meeting one or more of the following requirements: You have served 90 consecutive days of active service during wartime , OR. You have served 181 days of active service during peacetime, OR. You have 6 years of service in the National Guard or Reserves, OR.
Does VA loan require 2 years of employment?
VA loan lenders typically require two years of consistent income , but every employment scenario is different. ... It's absolutely possible for applicants to earn VA loan approval if they have been employed at their current job for less than two years.
What will fail a VA appraisal?
What Will Fail a VA Appraisal? In general, any visible health or safety concerns will pose an issue on a VA appraisal report. You won't be able to close on a home until these issues are resolved. In some cases, sellers are willing to cover the cost of essential repairs rather than lose the sale.
What credit score is needed for a VA loan?
While the VA itself doesn't set a required minimum credit score for a VA loan, most mortgage lenders will want to see a credit score above 620 FICO . Some lenders may go lower, but borrowers often incur additional scrutiny and lender requirements.
How do I know if I qualify for a VA loan?
You may be eligible for a VA loan by meeting one or more of the following requirements: You have served 90 consecutive days of active service during wartime , OR. You have served 181 days of active service during peacetime, OR. You have 6 years of service in the National Guard or Reserves, OR.
What are the home requirements for a VA loan?
- Working electric, heating and cooling systems.
- Adequate roofing that will last the foreseeable future.
- Sufficient in size for basic living necessities.
- Clean, continuous water supply with sanitary facilities.
- Free of lead-based paint.
- Free of wood destroying insects, fungus and dry rot.
Is it hard to get a VA loan?
If you're eligible, VA loans are fairly easy to qualify for, since there's no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
How often do VA loans get denied?
Some veterans are denied based on military status, credit history, lack of income or the loan terms they are seeking. Overall, about 15 percent of applications are denied , but some may be able to reapply.
Do you need proof of income for a VA loan?
Employment and income are two important factors. The VA needs a record of both in the form of pay stubs, tax returns and Verification of Employment documents . ... Alternative documentation consists of one month of the most recent pay stubs, plus the VA loan applicant's most recent two W-2 tax forms.
Can I get a VA loan if my dad is a veteran?
In that vein, we commonly get asked, “If my father was a Veteran, can I get a VA loan?” Or, “Do you have to be a Veteran to get a VA loan?” The short answer is, you can't get a VA loan as a non-Veteran . You must serve or previously served in the U.S. Military and meet the VA's length of service requirements.
Why do sellers hate VA loans?
In some cases, home sellers won't accept purchase offers backed by VA-guaranteed mortgages for fear of low appraisal value . ... Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency's mortgages.
Why are VA loans bad?
The lower interest rates on VA loans are deceptive.
Both will end up costing you much more in interest over the life of the loan than their 15-year counterparts. Plus, you're more likely to get a lower interest rate on a 15-year fixed-rate conventional loan than on a 15-year VA loan.
What does a VA appraiser look for?
VA appraisers will look at the property's interior and exterior and assess the overall condition . They'll also recommend any obvious repairs needed to make the home meet the MPRs. Remember, this isn't a home inspection, and the VA doesn't guarantee the home is free of defects.
What documents are needed for a VA loan?
- A government-issued ID, such as a drivers license.
- Past two years of W-2 statements.
- Past two years of tax returns.
- Most recent bank statements from checking, savings and retirement accounts.
- Most recent pay stubs.
