VA Certificate Of Eligibility Requirements On VA Loans

This Article Is About VA Certificate Of Eligibility Requirements On VA Loans:

VA loans are the best home mortgage program in the United States. VA loans have the lowest mortgage rates than conventional loans.

Lenders are more than eager to originate and fund VA loans to eligible borrowers with a COE at low rates and 100% financing due to the government guarantee. VA loans do not have a maximum loan limit like other loan programs. VA loans do not have a minimum credit score requirement nor a maximum debt to income ratio cap as long as borrowers can get an approve/eligible per automated underwriting system (AUS).

Borrowers in the Chapter 13 Bankruptcy repayment period can qualify for a VA loan via manual underwriting. Chapter 13 Bankruptcy does not need to be discharged. There are no waiting period requirements after the Chapter 13 Bankruptcy discharged date. VA loans have one of the most lenient credit and income agency mortgage guidelines than any other loan program. However, not every borrower can qualify for a VA loan. Only active and/or retired members of the United States Armed Services with a Certificate of Eligibility (COE) are eligible to qualify for VA loans.

VA Certificate Of Eligibility Requirements On National Guard Members

Certificate of Eligibility requirements for National Guard:

Most Americans have heard of VA loans offer to our veterans. But may not understand the requirements if they served in a branch such as the National Guard. We have done many VA loans for individuals who served in the National Guard and Army Reserves. Their requirements are slightly different, we will go over those in this blog.

In this article, we will cover and discuss VA Certificate Of Eligibility Requirements On VA Loans.

VA Certificate Of Eligibility Requirements Members Of National Guard

If you serve in the National Guard or the Reserves you may qualify for VA benefits.  The following VA Certificate Of Eligibility requirements pertains to obtaining VA mortgage financing. Borrowers may qualify for a VA mortgage if they meet the VA Certificate of Eligibility Requirements by having Active Duty (Title 10) or National Guard Duty (Title 32).

  • Active Duty (Title 10) – full-time duty
  • EXAMPLE a unit deployment during the war, including travel to and from such duty

National Guard Duty (Title 32) –

  • full-time duty
  • EXAMPLE Responding to a national emergency or as an active Reserves participant where you receive payment from the federal government

In this article, we will discuss and cover VA Certificate Of Eligibility Requirements On VA Loans.

How To Become Eligible For A VA Loan

How To Become Eligible For A VA Loan

 Let’s dig into this in a bit more detail. Individuals who have served in the Army Reserves or the National Guard may still obtain a VA home loan. These loans are put in place to help service members and Veterans purchase a primary residence. Below are the requirements to meet in order to qualify for a VA guaranteed home loan. You must meet at least one of the below:

  • Serve at least six full years in the service or in the Selected Reserves AND
  • Were discharged honorably OR
  • Placed on the retired list OR
  • Moved to the Standby Reserves or an element of Ready Reserves other than the Selected Reserve after service characterized as honorable OR
  • Continue to serve in the selected Reserve longer than six years OR
  • Served 90 days or longer during active duty (Title 10 above) during a wartime period OR 
  • Were discharged from active duty for a service-related disability

If you meet the requirements above, you will be issued a Certificate of Eligibility from the office of the VA. You must provide this to your lender in order to obtain a VA mortgage. There are times where we will need to help you obtain your Certificate of Eligibility. Please see our COE BLOG for more details.

At Gustan Cho Associates, we have closed and funded many VA-eligible clients. Most of the time, a VA loan is the best loan available. Mainly due to no down payment requirement and no monthly mortgage insurance.

Qualifying For VA Home Loan With Direct Lender With No Overlays

How do you start a VA Loan application?

Gather the following information:

  • Last 60 Days Bank Statements – to source money for escrows
  • Last 30 Days Pay Stubs
  • Last Two Years W2’S
  • Last Two Years Tax Returns
  • Driver’s License
  • Certificate of Eligibility

You will send these documents to your loan officer and then complete an online application. This application is very simple and straightforward. It will provide your loan officer with the required information to start a loan application. For any specific questions please contact Mike Gracz on 630-659-7644 or text us for a faster response. Or email Michael Gracz at [email protected]. we are available 7 days a week to help you with your mortgage needs. 

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