Who Qualifies for VA Home Loans?

VA home loans are available to people who are veterans of any branch of the US military, as well as those who are currently serving. There are some stipulations,

however. If the person applying for the loan did not participate in armed combat, then he or she will have had to be in the service for at least 181 days of active duty in a continuous time frame. There can be no dishonorable discharge for someone to apply for VA loans.

Those who served in armed combat had to have served at least 90 days in World War II, Korea, Vietnam, or the Persian Gulf War. Those currently fighting in Iraq need to check with the VA website to verify eligibility.

Spouses of military personnel who were killed in the line of duty can get VA home loans. Similarly, spouses of military service men or women who are missing in action or have become prisoners of war can qualify. If you are not sure if you qualify, go online and search for online VA home loan information. You can find specific instances outlined to show whether or not you qualify.

Benefits and Limitations of VA Home Loans

The main benefit of VA home loans is being able to get a loan with little to no dow npayment. Also, those with poor credit can get home loans at a more competitive interest rate under the VA home mortgage program. There is no Private Mortgage insurance involved with VA home loans, and there are no penalties for prepaying the loan. Sometimes, veterans have an easier time qualifying for loans than conventional loan applicants. Also, you can get home improvement loans through the VA for certain types of home improvement.

There are some limitations to using VA home mortgage options. There is the upper limit to the amount you can apply for. The VA has a reputation in the past for making the loan process long and complicated. While this is no longer true, some sellers do not want to work with the VA because of this reputation. Finally, sellers are required to pay the closing costs, which is not an attractive option to the seller.

If you are a veteran or active military personnel, then you need to look into the VA home loan application process. You might find that getting one of these loans can save you quite a bit of money with your home purchase. VA home loans make applying for and receiving a loan easier for our honored veterans.