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What exactly are the VA loan requirements? Can you please list it out

by codyk3839 from San Francisco, California. Oct 13th 2010 Reply


Jake Belcher (JakeBelcher)
#18 ranked lender in Kansas - 87 contributions

What are the requirements to obtain a VA Loan?1. Service TimeYou must currently be serving in the United States military or be an honorably discharged veteran to qualify. Surviving spouses and members of the Reserves or National Guard can also obtain VA Loans.2. VA Loan LimitsThe VA Loan "Limit" in your area refers to the maximum loan amount the government will guarantee in that area. Typically this amount is $417,000 but it can be much higher in high costs areas.3. Qualifying for a VA MortgageVA Loans are not freebies - you still have to qualify just like with a traditional mortgage. Your lender will review your:Credit Score and HistoryCurrent IncomeOther Debts and LeinsPast Bankruptciesand a few other items that all mortgage borrowers must verify.Do not be intimidated. The VA Loan is a great tool for first-time home buyers and the process is fairly simple.4. Certificate of EligibilityA Certificate of Eligibility (COE) serves as proof of your service and eligibility for a VA Loan. You must obtain a COE during the pre-qualification process.To receive your COE from the VA you must complete VA Form 26-1880.Please feel free to contact me and I will be able to walk you through it and get you qualified.Thanks,Jake Belcher Call me Direct at 913-742-9971. I am licensed to do business in every state.

Oct 13th 2010
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