Most individuals who have served their country are eligible for a va home loan. However, before they get their hopes up in obtaining one, it is best for them to understand the va home loan requirements, and if they meet these. This will save them a lot of time, and can even help them on the path to becoming homeowners. Over 20 million veterans have become home owners thanks to the VA home loan program, and there are many others who would benefit as well. Read on to discover the importance of being aware of the requirements.
In Order to Qualify, Individuals Must Have Spent Time in Service
Although this is obvious, it should go without saying that those who wish to qualify must have spent time serving their country to meet va loan requirements. For those who served at a time when the country was not at war, they must have spent over six months enlisted in the services. This could be Army, Marines, Navy or air force. Alternatively, those who were in the Reserves or National Guard should have spent over five years serving to get va home loan eligibility.
For Those Who Haven?t Served, They Are Other Ways to Qualify
Individuals who have not served, but have had a spouse who served, and was killed while they were serving are able to qualify for a va home loan. Those who are applying will likely have to present proof of their spouse passing while in the line of duty, but they should still be able to reap all the benefits that their spouse would have had if they were still alive. Through VA loan programs, over 20 million individuals have been granted the opportunity to gain a home, allowing many the benefits of home ownership when they meet vet loan requirements.
Being Aware of the Approval process is Important in Gaining a VA Home Loan
Like any process of applying for a home loan, it may take some time for individuals to find out if they are approved. However, va home loan programs are known for getting back to individuals more quickly than a traditional home loan program. No special mortgage insurance is required for those who want to take advantage of this option, meaning somewhat less red tape to go through than a normal home loan program.
There are some requirements that individuals should be aware of when trying to meet vet loan requirements. This includes ensuring that they have spent enough time in service, depending on what branch they served in. Some branches require less time than others, particularly if the individual served during a time of war. Those who have spouses that were killed in the line of duty are also able to reap the benefits of vet loan requirements. Finally, when applying for the program, approval might come quicker than if one were using a traditional loan.
