Are you in need of a loan to secure a home? If you are a veteran of the United States armed forces, you have a great option available to you. You can apply to the VA to get the loan that you need to buy a property. Here is all that you will need to know about how to qualify for a loan if you are a veteran.
You’ll Need to Have a Good Credit History
The main thing you will need to know is that when applying for a loan to the VA is that you will need to show proof of good credit history. ModernVA loan credit requirements mandate this. You will need to prove that you have made all of your required payments in a timely manner for a period of 12 months.
Keep in mind that the VA itself does not require a basic credit check. However, many of the lenders that the VA will work with in order to secure your loan absolutely will. For this reason, it’s best to make sure that your credit rating is of the best possible quality. This will save you a lot of trouble when you apply for your loan.
You’ll Need to Find a Lender
Keep in mind that the VA does not provide the loan itself. It works with various lenders in your area to get your loan. As a result, you will need to locate a lender that works with and is approved by, the VA. This means that your next step will involvefinding a lender that is qualified to participate in the VA home loan program.
You can find plenty of these in your local area by checking the web or contacting your nearest VA office for more info. This is the entity that the VA will work with in order to get you a loan on the best possible terms.
Get a Certificate of Eligibility
Next, you will need to secure a certificate of eligibility. This is the official document that provides proof that you are a current or former member of any branch of the United States armed forces. This may include the Army, Navy, Marine Corps, Air Force, Coast Guard, or Reserves.
Once you have this certificate, you can apply for your loan. Keep in mind that you must also have acceptable credit and proof of employment that will enable you to keep up payments on the home. The home that you buy must be for you to live in rather than to rent out or use as a temporary investment in property.
What Are the Main Benefits?
There are many potential benefits that are associated with getting a VA loan to buy your home. The main one is that you won’t need to put any money down. You will also be guaranteed a very low and quite competitive rate of interest.
You should also note that you will be off the hook for a great percentage of the usual closing costs. This will help you get in good shape much faster to start paying off your assumed mortgage costs.
The Time to Get Your Loan is Now
If you have been through all of the other means to get a home loan, don’t worry. As a veteran of the United States armed forces, you are uniquely qualified to get a great deal from the VA. As long as you can meet a few very basic requirements, you will have your loan in no time. This is the chance you’ve been waiting for to get your new home.
