VA House Loan

How to Qualify for a VA Home Loan Programs

Home loans are one of the driving forces behind our economy, and being able to secure a home loan is a key part of many people's dreams for themselves, their future, and their family. For veterans, there are numerous programs set up to help them qualify for a home loan and get the house of their dreams. A VA home loan can offer a lot of benefits to veterans, especially first time home buyers. Advantages include:

• Low interest rates on VA home loans
• Better overall terms
• No down payment required in many cases
• Guaranteed by the Federal Government
• Easier to qualify with Veteran loans

There are even VA loans for bad credit holders, helping make it easier for them to obtain the home loan they need to get into their perfect home. There are a few basic VA home guidelines you'll need to meet in order to qualify for one of these loans. The key requirements include:

• You must meet basic credit guidelines. There are certain loans that are designed for those with poor credit, but the best VA loans will still require you to meet basic credit guidelines. The VA may be the last to offer guarantees first time home buyer loans for bad credit and zero down payment.
• The home purchased with the loan must be used for your own occupancy. It can't be used as a rental property, investment property, or even a second home.
• You also must meet certain income requirements. Things like debt to income ratio will still apply in veterans home loans, so it's important to keep a good employment history and income level in place if you want to qualify for one of these loans.
• You must acquire a Certificate of Eligibility.

That final point � the Certificate of Eligibility, or COE, is the key to getting a VA home loan. The COE proves that you are a veteran and that you meet some basic requirements. To be eligible for a COE, you must meet the following basic requirements.

• Have served in the military for a set period of time ranging from 90 total days up to 181 continuous days in order to qualify for 'veteran' status.
• Have been discharged under any condition other than dishonorable.
• Still be serving in the military and been serving for 90 continuous days in order to qualify for 'active' status.
• Spouses may also qualify for eligibility if they are the spouse of a veteran who died during service. However, the spouse cannot be remarried. Spouses of totally disabled veterans or spouses of service members who are POWs or MIA are also eligible.

Once these basic conditions are met, a VA home loan may be acquired. These loans can be used to buy or even build a home, and can be used to improve a home in various ways as well. They're incredibly flexible and offer one of the best paths to home ownership available today. As a result, many veterans choose to utilize these loans on a regular basis. Finding a good VA mortgage lender is the first step towards securing your VA loan and moving towards owning the home you've always dreamed of calling your own.