The eligibility criteria for a VA home loan are designed to honor and support the men and women who have served in the United States military. Veterans, active-duty service members, National Guard members, and certain qualifying surviving spouses may be eligible for this mortgage program. To be eligible, veterans must generally have served for a specific period of time, depending on when they served and whether they served during peacetime or wartime. For example, a minimum of 90 consecutive days of active service during wartime or 181 days during peacetime is typically required. Reservists and National Guard members may also be eligible after six years of service.
Additionally, there are specific discharge requirements, and those with dishonorable discharges are generally not eligible. However, the VA has a process for considering certain cases with less-than-honorable discharges on an individual basis.
When it comes to property eligibility, the home being financed with a VA loan must be for the borrower’s primary residence. The property can include single-family homes, condominiums, townhouses, and in some cases, multi-unit properties (up to four units) as long as the veteran resides in one of the units. The property must also meet certain safety, soundness, and sanitary standards set by the VA.
While the VA does not set a maximum loan amount, it does establish a guaranty limit, which represents the maximum amount the VA will guarantee on a loan. Lenders may have their own limits based on factors such as the borrower’s income and creditworthiness. It’s essential for potential borrowers to work closely with lenders who are approved by the VA to ensure they meet both the VA and lender requirements for a successful home loan application.
Contact Loan Originator Lisbel Tasso http://thefloridamortgagegirl.com for a VA home loan Consultation
