1 / 3

VA Home Loan

While applying for a VA home loan, one of the most important steps is to obtain the Certificate of Eligibility (COE).

sarahcarlos12
Download Presentation

VA Home Loan

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Requirements For A VA Home Loan Allowing Veterans to achieve homeownership, a VA home loan is a mortgage facility provided by VA-approved lenders. These loans are backed by the US Department of Veterans Affairs (VA) and offer some astounding benefits. With no down payment options, no pre-penalty charges, no private mortgage insurance and lower interest rates, a VA home loan is easier to qualify and does not require an outstanding credit score to stand eligible. ELIGIBILITY CRITERIA FOR VA LOANS The VA offers several options like a purchase loan or refinancing loans. While applying for a VA home loan, one of the most important steps is to obtain the Certificate of Eligibility (COE). To apply for COE, you must pass any one of the following requirements-

  2. •You are a Veteran or active duty member who has served at least 90 days during wartime or 181 days during peacetime. •You are a member of the reserves or a national guard with at least six years of experience. •You are a surviving spouse of a Veteran who went MIA, was a POW or died while on service or from a service-related ailment. DOCUMENTATIONS FOR COE After assessing your eligibility for a VA home loan, you must apply for a COE. You can apply for the certificate online or through the mail. You can even ask your private lender to get it for you. Here’s a list of documents you will need to apply for the COE- Veterans- DD Form 214 Active-Duty Members- Statement of service signed by your officer. The statement must include your full name, social security number, date of birth and any lost time. Current Reservists/National Guards- Statement of service signed by your officer. The statement must include all the necessary information.

  3. Retired National Guard- NGB Form 22, Record of Service, Report of Separation, NGB Form 23 and proof of the character of service. Retired Reservist- A copy of your annual Retirement Points Statement and proof of honorable service and discharge. Surviving Spouse who do not receive Dependency Benefits- Your spouse’s death certificate, your marriage license, VA Form 21P-534-ARE and DD Form 214. Surviving Spouse who receive Dependency Benefits- VA form 26–1817 OTHER REQUIREMENTS In addition to obtaining the COE, you must also pass the lender’s requirements to qualify for a VA home loan. You must have a minimum credit score of 620–640 and enough residual income.

More Related