Veteran affairs mortgages also known as VA loans are becoming increasingly popular as the conditions for obtaining conventional bank loans from banks are becoming stricter and stricter. This immense popularity of VA loans is due to numerous factors. Most of all, the no-down-payment character of these loans makes the loans more affordable than conventional loans that require the borrower to contribute at least 5% down along with monthly PMI.
However favorable VA loans are, the people who qualify for it still possess only very little information about lending conditions and numerous people who would qualify for such loans still don’t know whether they would be eligible or not. In what follows, we would like to answer these questions in more detail to make it easier for you to determine whether to apply for a VA loan or not.
VA loans have been invented to help members of the military, members of the National Guard and army veterans. If you belong to one of the groups below, you are most probably eligible for the loan:
- As a general rule, all army members who have spent at least 90 days in active duty during war periods or 181 days in active duty in times of peace and have been discharged honorably are eligible as borrowers of VA loans.
- You are also eligible if you have been a reservist for 6 years.
- You can apply if you are a reservist who has been called back into active duty. In this case you become eligible instantly upon being reentering active duty.
However, besides the conditions related to military status, VA loan borrowers need to fulfill a few other conditions as well:
- you need to prove that you have sufficient income to be able to pay back the loan;
- you need a valid Certificate of Eligibility, a document to prove that you qualify for a VA-backed loan– which your lender can easily order for you.
The property you will be able to purchase or refinance using a VA loan also needs to fulfill certain conditions. If you want to buy property, you will need to prove it will serve as your primary residence. VA loan regulations also allow for refinancing as well as purchasing a property.
If you are looking for a reliable, reputable and experienced lender to help you handle your VA loan application, contact Maureen Martin – she is an expert in VA mortgages, with over 16 years of experience and numerous successful applications in her portfolio. Contact Maureen Martin if you find it difficult to handle the loan application – she will surely find the most efficient way to help you obtain your VA loan.