Many reputable mortgage companies in Utah such as Flagship Financial offer VA mortgage loans that help military personnel and their families purchase or refinance homes. Here are answers to some frequently asked questions about eligibility requirements for these loans that can help you decide if you are eligible to apply for a VA home loan.
Who Can Apply for These Loans?
The VA guarantees home loans for active military personnel, U.S. war veterans and their families. The people covered by this list currently include:
- Most current active-duty military personnel who have served at least six months on active duty.
- Most members of U.S. military reserve units who have either served at least 90 days in a war zone or at least 181 days on active duty in a peacetime role.
- Most National Guard personnel who have either served at least 181 days on active duty or who have waited at least six years after their discharge date to apply.
- Students who are currently enrolled at any of the country’s military service academies.
- All honorably discharged war veterans who served in any branch of the United States armed forces.
Moreover, most spouses of military personnel who were killed or disabled while on active duty may also apply for VA loans.
Are There Other Eligibility Requirements?
All borrowers must meet other eligibility requirements before they can obtain a VA home loan. Some of the most common requirements include:
- Income requirements that are used to determine how you can reasonably afford to spend on a home.
- Credit requirements that test your ability to repay your loan in a timely manner.
- Loan usage requirements that ensure you will use your loan to pay for a new home or a home site.
- Debt ratio requirements that measure your ability to keep up with your loan payments on a long-term basis.
Meeting these requirements is tricky because most lenders use different risk assessment techniques to determine your eligibility. As a result, it is a good idea to visit lenders such as Flagship Financial who can help you understand how your credit history and income impacts your ability to obtain a VA home loan.
What is a VA Certificate of Eligibility?
This certificate is a form that is granted by the VA to certify your right to apply for a VA home loan. You can obtain this certificate online by visiting this VA website.
Many of the VA’s eligibility requirements for VA home loan programs are subject to change without notice. As a result, be sure to visit this VA website for current details about VA home loan eligibility requirements that can help you determine your current eligibility for most Utah-area VA home loan programs.
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