Va Home Loan Requirements

Potential va homebuyers need to meet requirements set by the department of veterans affairs and the lender they work with to obtain financing.

Va home loan requirements. At least 90 days active duty with other than dishonorable discharge. If you are using the va guaranteed home loan benefit a va approved appraiser will complete the appraisal to determine the homes value and ensure it is safe sound and sanitary for you and your family. Va borrowers usually have a 60 day window after completing the loan process to move into the house. Korean war june 27 1950 january 31 1955.

These are the main requirements for getting a va backed purchase loan. There are broad criteria that a va backed home must be measured against known as minimum property requirements or mprs. To obtain a va loan the law requires that. Like the other government backed loans va home loans have occupancy requirements that help keep the programs focus on primary residences.

Learn about va home loan eligibility requirements for a va direct or va backed loan. Keep in mind that for a va backed home loan youll also need to meet your lenders credit and income loan requirements to receive financing. Va home loan eligibility requirements. Find out how to apply for a certificate of eligibility coe to show your lender that you qualify based on your service history and duty status.

The va appraisal is meant to help veterans and service members purchase homes that are safe sanitary structurally sound and appropriately valued. Less than 90 days active duty if discharged for a service connected disability. The va does not make home loans so lenders can have their own requirements along with the vas requirements. Service members who secure a va purchase loan have to certify that they intend to personally occupy the property as their primary residence.

The department of veterans affairs utilizes a series of minimum property requirements or mprs that a home must meet in order to qualify for a va loan. Eligibility requirements for va home loans service during wartime. Va home loans are provided by private lenders such as banks and mortgage companies. World war ii september 16 1940 july 25 1947.

Va helps servicemembers veterans and eligible surviving spouses become homeowners. You must be entitled to a certificate of eligibility coe based on your military. Vietnam war august 5 1964 may 7 1975. Local requirements page for the va loan guaranty service local requirements va home loans apply for and manage the va benefits and services youve earned as a veteran servicemember or family memberlike health care disability education and more.

Va loan property requirements. For more information on vas minimum property requirements please watch this video.