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The person is seeking information on a VA Loan and how to obtain one.?
To qualify for a VA loan you must have a certificate of eligibility. When you apply for your loan at a lender you will then need to give them your certificate of eligibility along with your discharge papers. Once the application gets approval you will then receive your loan.
What are the minimum VA loan requirements?
The depends on the type of loan. A VA (Veterans Affairs) home loan requires a certificate of eligibility, VA appraisal, and acceptable financial status.
How do you apply for a VA home loan?
The first step in the process is to have a Certificate of Eligibility. You can achieve this by completing VA Form 26-1880. Once this is done, you can contact your local VA office and they will assist you in the process of applying for a VA home loan.
How can you qualify for a VA loan?
First and foremost you will have to apply for a Certificate of Eligibility, or COE. You will need proof of being either a veteran or an active duty service member.
How much time i need on military active duty to be approved for a home loan?
90 days... if you are on current active duty. 180 days if you were discharged. You can write to the VA for your Certificate of eligibility and they will determine if your time in service is enough...if you were in the National guard , the time of service is longer. Even though you have a certificate of eligibility from VA that does not automatically guarantee you can get a VA loan. You still have to have income , assets,credit and debt to income ratio's that meet the current VA guidelines. They also require residual income based on the number of people in your household.
How can one find out about VA loan eligibility?
There are many websites and companies that offer information on VA loan eligibility. Some of these websites that offer information are the VA government website and Military website.
If you had a VA mortgage that went to Chapter 7 but when they sold the house they got more than what the loan was for would you get your VA eligibility back?
You should be able to. My suggestion is to fill out a "VA Form 1880" and attach your DD214 or Statement of Service (if you are still active) along with any information regarding the mortgage loan being paid in full; mail this info to the nearest VA Eligibility Center to your location. If you are in the southeast area of the US, there is an Eligility Center in Winston-Salem, NC. They'll do the research and should you still have eligibility they'll send you your certificate.
What is the criteria for loans eligibility in VA?
The VA loan eligibility depends on where one has served and under what circumstances. The circumstances can include when one has served, how one was discharged or on disabilities.
What are the qualifications to be eligible for a VA home loan?
Anyone applying for this home lone must have a steady income, a fair credit rating and have a certificate of eligibility. Also they must have served, or are currently serving in the armed forces and must not have been dishonorably discharged.
How long is VA perk test good for?
a perk test is good for 1 year
What is a VA home loan calculator used for?
A VA home loan calculator is used by military veterans to calculate their eligibility for a home loan such as a mortgage from a financial institution.
How long is a va appraisal valid?
An appraisal ordered by the US Department of Veteran Affairs (also known as a VA appraisal), is valid for 6 months. Once the appraisal is complete, the VA will assign a Certificate of Reasonable Value (C.R.V.) to the property. The C.R.V. assigned is good for any eligible borrower. What this means is that the appraised value remains the same regardless if there is a new buyer or if there is an adjustment to the contract terms.
