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VA qualify if I enlist?

If I enlist in the army can we take advantage of a va loan or I have to have served already? What is the qualification? by SteveJ_617_541 from Dallas, Texas. Jan 31st 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey Steve.. in order to qualify for a VA loan , you must have served in the armed services.. Depending on which branch, will determine how long you will need to serve before you can use this benefit.. Keep in mind that VA guaranteed loans are not "Guaranteed Financing".. You still have to qualify with good credit and sufficient income to show the ability to repay.. The biggest benefit of VA financing is Zero Down.. The guarantee is in reference to the lender having a guarantee from VA in case of a default... If you're serious about qualifying, contact a local mortgage broker, not a bank, and apply with them... they can look your complete profile and guide you to the right loan product... WilliamAcres.com

Jan 31st 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Hi Steve, Loans are open to active and former members of the armed forces who meet specific criteria for length and time of service, as well as discharge conditions. Reservists and National Guard members could be eligible if they served at least six years and received an honorable discharge. Veterans discharged for a service-related disability are potentially eligible, as are some members of the Public Health Service and foreign veterans who served with the Allied forces during World War II, according to the VA's field operations office.Other than the military or public service requirement, applying for a VA loan is just like applying for a conventional loan -- with one extra step. The applicant must obtain a certificate of eligibility from the VA.A widow or widower may also apply for a loan, provided the spouse's death was service related. Likewise, MIA and POW spouses could also qualify. For more details on eligibility, feel free to email me at Ralph@ABSOLUTELOWRATES.COM

Jan 31st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

One of the benefits of enlisting in the Armed Forces is the ability to earn the right to purchase a home with no down payment. Simply enlisting does not earn the eligibility, as it is earned over time. How long it takes, and the amount of your eligibility is dependent on several factors including the Branch of Service and deployment. Once a eligibility is earned, you must also meet underwriting requirements including credit quality and income sufficient to support the new and any existing obligations.~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 31st 2012
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