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!
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