VA home loans are designed to assist those who have served in the military with the purchase of a home. There are several requirements to qualify for a VA loan, but for those who do qualify, loan terms are often better than either conventional or FHA loans. Military Service Requirements In order to apply for a home loan through the VA, you must meet certain requirements in terms of your military service. While the VA will review each application case by case, they do have a set of basic eligibility requirements that serve as a guide. The applicant must meet one of the following: have served at least 90 consecutive active days during wartime or 181 active days during peacetime, have served six years in the National Guard or Reserves, or be the spouse of a service member who lost their life in the line of duty or because of an injury or disability related to service. Veterans discharged dishonorably will not qualify for VA home loans. Income And Employment Requirements There is no minimum income required to obtain a VA home loan, although the VA does expect applicants to show steady income and reliable employment. The applicant must be […]
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