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A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists, and select surviving spouses (provided they do not remarry). The loan can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction. These loans offer great benefits, such as little to no down-payments and do not require private mortgage insurance.

Overview

The requirements for VA loan eligibility

The first step to getting a VA loan is determining your eligibility. The requirements for VA loan eligibility, and the eligibility application process are:

  • You have completed at least 90 days of active duty service.
  • You have at least six years of service in the Reserves or National Guard.
  • You have served at least 181 days of active duty service during peacetime.
  • You have 90 days of cumulative service under Title 10 or Title 32. For Title 32 service, at least 30 of those days must have been consecutive.
  • You’re the spouse of a military service member who died in the line of duty, or as a result of a service-related disability.

VA Loan FAQs

What is the maximum you can borrow with a VA loan?

The standard VA loan limit in most U.S. counties is $726,200. There are some higher cost areas in the United States that allow a larger loan of above 1 million.

Does a credit score matter for a VA home loan?

For a VA loan, there is no minimum credit requirement. The lender is required to look at a borrower’s entire profile to decide whether to approve the loan. A higher credit score does usually help you get approved for a VA loan and get more favorable terms in the loan.

How long does it take a VA loan to close?

Typically a VA loan takes about 60 days to close. It is comparable to the timeline for a conventional mortgage and includes all the usual steps such as documentation, lender processing, home appraisal and inspection, and seller considerations. If you work with a reputable mortgage broker like Rateplicity, the process can be easy and may be faster.

Can a family member use my VA loan?

The VA tries to be flexible to help veterans and their families. In some cases a family member can use your VA loan benefits. Spouses are the most common family members who can use VA loans. Sometimes a VA loan can be used by a divorced spouse if the marriage lasted for more than 10 years. To find out specific eligibility requirements, contact us today!