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Getting Approved for a VA Loan: How Difficult Is It?
Getting approved for a VA loan is generally considered to be easier compared to conventional loans, mainly due to the government backing which reduces the lender’s risk. Eligible Veteran borrowers must meet specific requirements, but the process allows for more flexibility in terms of credit and income. Here’s a brief overview:
Eligibility Requirements For A VA Loan:
To qualify for a VA loan in Arizona, you must be a veteran, active military member, reservist or National Guard member, or an eligible surviving spouse. Meeting these criteria is the first step toward approval.
To meet the minimum active-duty service requirement if you served for:
An active-duty member is eligible if they meet:
– At least 24 continuous months, or
– The full period (at least 90 days) for which you were called or ordered to active duty, or
– At least 90 days if you were discharged for a hardship, or a reduction in force, or
– Less than 90 days if you were discharged for a service-connected disability
How to qualify for VA loan in National Guard?
A National Guard member is eligible if they meet:
– At least 90 days of non-training active-duty service, or
– At least 90 days of active-duty service including at least 30 consecutive days (your DD214 must show 32 USC sections 316, 502, 503, 504, or 505 activation), or
– 6 creditable years in the National Guard and you were discharged honorably or placed on the retired list
How does a reservist qualify for a VA loan?
A Reservist is eligible if they meet:
– You meet the minimum active-duty service requirement if you served for:
– At least 90 days of non-training active-duty service, or
– 6 creditable years in the Selected Reserve
And at least 1 of these must be true:
– You were discharged honorably, or
– You were placed on the retired list, or
– You were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, or
– You continue to serve in the Selected Reserve
What makes a veteran eligible for a VA loan?
You meet the minimum active-duty service requirement if you served for:
– At least 24 continuous months, or
– The full period (at least 90 days) for which you were called or ordered to active duty, or
– At least 90 days if you were discharged for a hardship, or a reduction in force, or
– Less than 90 days if you were discharged for a service-connected disability
VA home loan programs for surviving spouses
For the surviving spouse of a Veteran, you’ll need a Certificate of Eligibility (COE) to show to your lender that you qualify for this VA home loan benefit. First, speak to a well-seasoned VA loan officer. They can help you find out if you are eligible and help you get a COE. But remember, you will also need to meet your lender’s credit and income requirements to get a loan.
Credit & Income Flexibility
VA loans offer more lenient credit and income requirements than many conventional loans. While lenders have their own criteria, the government backing makes it easier for veterans to qualify.
What is the minimum credit score for a VA loan?
A quick internet search and you will see a range of credit scores associated with the VA loan. Believe it or not, the VA doesn’t set a minimum credit score to qualify for a loan. Your lender will set a score that they feel comfortable with.
No PMI & Down Payment
One of the significant advantages is that VA loans do not require private mortgage insurance (PMI) or a down payment, making it easier for veterans to afford a home.
Lender Approval
Despite the VA backing, borrowers still need to be approved by a lender, who will evaluate income, credit history, and the ability to cover mortgage payments.
Getting Approved for a VA Loan: Conclusion
These advantages make the VA loan an attractive option for those who have served their country, providing an opportunity to achieve homeownership with favorable terms not readily available through other loan types.
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Joseph Small and Team at Patriot Pacific Financial Corp – Arizona’s VA Home Loan Experts! – have 20+ years of experience of helping eligible veterans and active-duty service members use their VA home loan benefit. Joseph is also a certified Veteran Mortgage Advisor. Give us a call to get started. #whoyouworkwithmatters
Joseph Small is also licensed in Alabama (ID 90940), Colorado (CO-#100538700), South Carolina (MLO-380188) and North Carolina (I-219980), if you need assistance with a purchasing a home.
**All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Patriot Pacific Financial Corp is an Equal Housing Lender.
