Understanding Eligibility for VA Loans

HomeBlogUnderstanding Eligibility for VA Loans

The goal of a VA loan, or a mortgage sponsored by the U.S. Department of Veterans Affairs, is to make homeownership attainable for qualified veterans, active-duty service members, and some surviving spouses. Those who wish to apply for a VA loan must meet certain requirements set forth by the VA. At Harbor Mortgage Company, we can help you navigate the eligibility requirements and the paperwork needed for this type of loan.

Understanding Eligibility for VA Loans

The following are the qualifications for military service when determining eligibility for VA loans:

  • Veterans: Those who served in the armed forces of the United States and were released from service under circumstances other than dishonorable are usually qualified. Eligibility may vary based on the type and duration of service.
  • Active-Duty Service Personnel: Following the completion of a specific amount of continuous service, active-duty service personnel are typically eligible for VA loans.
  • Members of the National Guard and Reserves: This group may be eligible if they have served for six years or if they have been summoned to active duty in support of a crisis operation.
  • Matrimonial Eligibility: Spouses of veterans who died in service or of those who suffered disabilities related to their military service may be qualified for VA loans.

Once eligibility has been established, other factors come into play, such as assessing the debt-to-income ratio and varying earnings and employment. Our team can walk you through each factor to assist you on your path to homeownership through a VA loan. Contact us today to learn more.

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