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VA Loan Requirements
A VA loan is kind of housing loan given to veterans which is guaranteed by the U.S Department of Veteran Affairs. OF course, with this kind of help being given out, VA loan requirements are rather stringent and one must qualify as a veteran or be currently serving in the United States military. |
To be a qualified veteran, you need to have served a minimum of 90 days during war time (active duty), whether it was during World War II, the Korean or the Vietnam war, the Persian Gulf war or the conflicts in Iran or Afghanistan. If you have not served during war time, you can qualify for veteran status by serving a minimum of 181 days during peacetime, again, on active duty. You could also have served for 6 years in the Reserves or the National Guard to qualify for a Veteran, but in all the above cases, Veteran status is only granted to those who have been discharged honorably.
Other ways to qualify for a VA home loan is if you are the spouse (not remarried) of a service member killed in the line of duty, or of someone who is listed as prisoner of war or missing in action (MIA) for a period of more than 90 days.
Other VA loan requirements are the same as conventional loans, and once you have filled out a certificate of eligibility (COE) for a VA loan, you must have your credit score, credit history, current income, debts etc. reviewed before you qualify for the loan. Being a veteran does not guarantee a VA loan, and all the other normal criteria for conventional loans are also required for a VA loan.
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