Am I eligible for a VA Loan?
Basic service requirements set by the VA along with a Certificate of Eligibility (COE) must be in place to qualify for this loan and can easily be requested electronically by you or the lender. Your proof of service in one of two forms, depending on whether you were regular, National Guard or Reserve, is also necessary.
Qualifying spouse dependents as well as unmarried spouses, depending on their type of benefits, can also qualify. It is important to remember that you must have acceptable credit and debt levels in addition to sufficient steady income to be eligible. The VA also looks at your ability to pay all expenses associated with the loan as well as having some extra funds in case of an emergency.
It usually takes 30-45 days for a VA loan approval once you have made an acceptable offer on a home although you don’t have to have the actual, approved loan before starting your new home search. It’s important to become familiar with the loan eligibility, have the necessary paperwork ready at hand as you contact a VA approved lender like the Veterans United Home Loans office.
To be eligible for a VA loan, you or your spouse must meet the basic service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility (COE), and satisfy the lender’s credit and income requirements.