VA Guaranteed Home Loan eligibility in Eugene/Springfield Oregon can be very confusing. Who is and who is not eligible may be a surprise to those that are eligible that may not realize it. As a Vietnam Era U.S. Air Force veteran with 10 years of service, my eligibility is pretty easy to see.
Some are obvious (like mine), others are more obscure:
Veterans with active duty service (who were not dishonorably discharged) during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
Veterans and active duty military personnel who served during peacetime must have had more than 180 days of active service. Veterans of enlisted service starting after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.
Veterans who have served after August 2, 1990 (Gulf War period) must have completed 24 months of service or at least 90 days of active duty for which you were called or ordered to active duty. Most of this is written in “militaryeze” so the easiest way is to submit for a certificate of eligibility or COE. Reservists and National Guardsmen will often qualify for the 90 days of active duty provision if they had been called up for duty.
Active duty personnel with at least 181 days of service or 90 days during the Gulf War.
The VA does not require that you have a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for VA loan requirements and that is normally either 620 or 640 mid score.
Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit who they will lend to.
Since early 2010, most VA lenders in the U.S. have tightened their lending and credit score requirements, making home financing harder to come by for those with credit issues or other criteria that makes their loan more risky.
As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is a VA loan. Major lending groups have generally resolved to set the minimum credit score requirement at 620.
To learn more about this, our article Credit Score Requirements For VA Mortgages (in a later post) is a great place to start.
There are several specific pieces of documentation a lender will need to determine your eligibility:
A DD214 for discharged veterans.
A NGB Form 22 for Army or Air National Guard
A statement of service for active military personnel.
A certificate of eligibility (COE) to determine you have VA entitlement.
Widows/widowers of service personnel that died while on active duty.
Because each lender has different qualifying guidelines, the next step is to contact me to find out if you meet their VA loan requirements such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out about maximum loan amounts with and without a down payment.
I can help you attain your certificate of eligibility on your behalf.
Lastly, if you have either had a divorce, filed bankruptcy, or had a previous home go into foreclosure, you are not immediately disqualified from a VA loan, although there are some additional restrictions.
You can find more information regarding these future topics in our articles titled Divorce And VA Loan Eligibility, Does A Bankruptcy Mean I Can’t Get A VA Loan? and Can I Get A VA Loan If I’ve Had A Recent Foreclosure?
Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.
- Six Questions to Ask Your Lender About a VA Loan (vabenefitblog.com)
- Saving with the help of VA loans (vabenefitblog.com)
- The basics – VA Home Loans | from homeloanninjas.com (oregonrealestateroundtable.com)
- Credit Requirements Tightening for VA Loans (vabenefitblog.com)
- Credit Requirements Tightening for VA Loan Borrowers (vabenefitblog.com)
- Who is Eligible for a VA Loan? (valoanexpert.wordpress.com)
- What?!? I can still get a VA home loan even after I lost my entitlement in a Bankruptcy or Foreclosure? (valoanexpert.wordpress.com)