For those who qualify, there is no better loan program on the market if someone is looking to conserve as much cash as possible while keeping monthly payments in check.
While many know that active duty members are eligible for a VA Loan, there are many other service members that do qualify.
Who qualifies for a VA home loan?
- Those who have been honorably discharged from the armed forces (veterans)
- Those currently servicing in the military.
- Active duty personnel who have completed at least 181 days of service.
- Those who have served at least six years in the National Guard or Armed Forces Reserves.
- Unremarried surviving spouses of those who have died in service or as a result of a service-related injury.
- Cadets at the United States Military, Air Force or Coast Guard Academy.
Note, this means they are eligible to apply which doesn’t necessarily mean they will be approved. Borrowers are also required to:
- Have stable income and employment
- Be employed for at least two years
- Have a minimum qualifying credit score
- Show sufficient liquid assets to close on the transaction
Further, the VA home loan can only be used to finance a primary residence and cannot be used to buy and finance a rental property, beach or vacation home.
Eligibility and obtaining a loan approval are separate issues but getting approved for a VA home loan is very much the same as getting any other type of mortgage.
NJ Lenders takes pride in supporting the men and women who serve our country. When a veterans choose NJ Lenders for a mortgage, all fees are waved. The borrower only needs to pay for the appraisal.