VA Eligibility

1. Things You Should Know About VA Eligibility Things You Should Know About VA Eligibility Backed by the Department of Veteran Affairs, VA loan is an initiative that offers endless benefits and unique features to the beneficiaries. With lower interest rates, no PMI requirement and flexible guidelines, VA loans are intended to help veterans get a foot-hold into the civilian lifestyle. While the eligibility criteria might differ in different cases, here are few things you should know about VA eligibility. 1. 1.Eligibility Criteria for VA Eligibility Criteria for VA Loans Although the eligibility criteria might differ from program to program, the basic eligibility criteria required to qualify for the loan are as follows- You have served as an active military member who has served at least 90 days in wartime or 181 days in peacetime. You are a veteran who has served 90 days in wartime or 181 days in peacetime. You have served as a national guard or a member of reserves for at least six years. Loans

2. You are a surviving spouse of a veteran or an active militant who went missing in action, was a prisoner of war or died while on service. 2. 2.Other uniformed Other uniformed forces forces who can avail VA benefits who can avail VA benefits Did you know that there are seven uniform forces who can avail of VA loan benefits? These seven branches include- Air Force Navy Marines Army Costal Guards Public Health Services National Oceanic Atmospheric Administration Moreover, apart from these groups, several other groups like academy cadets and midshipmen are also open to these benefits if they can pass the VA eligibility criteria. 3. 3.Se Selected national guards can pass VA eligibility criteria. lected national guards can pass VA eligibility criteria. If you are working as a national guard or as a member of reserves and can prove at least six years of experience, you might be eligible for VA benefits. The VA eligibility criteria for national guards or reserve members are as follows- 1.You have rendered six years of service, and were discharged honorably were placed on the retired list Continue to serve in the selected reserves. 4. 4.Surviving spouses can also get VA perks. Surviving spouses can also get VA perks. Earlier, dependants were only eligible if their sponsor died on duty or from a service- related injury. However, the current VA eligibility criteria dictate that a dependant can opt for a VA mortgage even if their sponsor died of any cause, given that they lived with a service-related disability prior to death and were eligible for compensation. A survivor also stands qualified if his/her sponsor went missing-in-action (MIA) or was a prisoner of war (POW).

3. 5. 5.Certificate of Eligibility (COE) Certificate of Eligibility (COE) The eligibility criteria for VA loans might differ from case to case. So, if you have any doubts regarding your eligibility, it is best to apply for the Certificate of Eligibility. A COE acts as proof that you are entitled to VA home loans. You can apply for it by filling out the VA form available on va.gov or simply ask your lender to apply it for you. 6. 6.Getting COE is just a part of the VA loan process. Getting COE is just a part of the VA loan process. Although finding out your eligibility might be overwhelming, it is also just a small part of the VA loan process. After getting your COE and meeting other VA eligibility criteria, your lender will likely check your credit score and apply for your VA appraisal. The VA may not run a credit check on your profile, but most of the lenders will require you to have at least a minimum credit score of 600 and have enough residual income to support your other expenses.