There are certain requirements you must meet before applying for a VA Loan, and the first step in obtaining a VA Loan is to determine whether you are eligible. The Veterans Administration has many great programs to offer Veterans buying a home, but only if you are eligible.
If you served during wartime (as defined by the VA) for at least 90 consecutive days or during peacetime for at least 181 consecutive days, you are eligible for the VA Home Loan Program. If you are currently on active duty, you are eligible for the program after 90 days of active service. You are also eligible if you are on Reserve, as long as you have served for at least six years, which can be non-consecutive and in different branches of the Reserves. The Reserve branches eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps Reserve, and Air Force Reserve.
Veterans who are eligible for the VA Home Loan Program have an entitlement, which means they are owed something. The maximum loan entitlement is currently $36,000, but this can be raised up to $60,000 for loans that exceed $144,000. This is NOT the maximum loan amount (which was recently raised to $417,000), but the amount of your loan that the VA guarantees to the bank. By guaranteeing your loan to the bank, the VA alleviates your mortgage insurance expenses, which can save you a lot of money. The entitlement never expires.
See a related article: VA Loan Occupancy Requirements
If you meet eligibility requirements, the VA Home Loan Program can offer you a great way to buy a home that will save you a lot of money now and in the future. For more information on eligibility requirements for the VA Home Loan Program, go to the Veterans Administration website here. If you are ready to begin the process of applying for a VA Loan, contact VA Mortgage Center.com by filling out the pre-qualification form or calling one of our VA Specialists at 800-405-6682.
We are the online VA Loan Specialists. It is our goal to ensure that your VA Home Loan process goes as smoothly as possible. Let us help you get the process started online today, or call us at 800-405-6682.
If you need advice concerning Veteran Home Loans, feel free to contact a VA Mortgage Specialist online or call 800-405-6682. Specialists can help determine whether a Veteran Home Loan is the best financial decision for you.