Are You Eligible for a Veteran Mortgage Loan?

by | Sep 5, 2017 | Loans

You can start your journey toward a veteran mortgage loan even before you have the required Certificate of Eligibility (COE). Though you must have this document before a loan is finalized, in many situations your lender can help you get your COE as part of the preapproval process. If you have concerns about eligibility, you should talk to a mortgage professional about who can apply under the guidelines of this program.

Active, Reserve

When you talk to a specialist such as those at Midwest Mortgage Associates Corporation, ask about the extensive list of people who may be eligible. Most people who’ve served in the military are eligible, including members of the National Guard, people in the reserve, active military personnel, and veterans. In addition, if your spouse died while on active duty or from a service-connected disability, you are also able to apply.

If you are interested in a veteran mortgage loan, you may qualify after as short a time as six months of active duty. National Guard and reserve personnel have a six-year waiting period unless they are called to active duty. If so, the 181-day period applies. When you have questions about possible eligibility, your next step should be to contact a mortgage professional to get some help in determining your status.

No Down Payment?

In most situations, the applicant does not have to have money for a down payment in the VA loan program. It’s one of the few options for a mortgage with this benefit, making it considerably easier to qualify. This one fact keeps the demand high for VA loans.

The loans are made through private lenders but the Department of Veteran Affairs provides a guarantee to support the loan. It’s generally not necessary to meet a minimum credit-score requirement. Talk with a veteran mortgage loan expert about this promising program. You can also connect them on Facebook.

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