Va Loans Qualification: It Just Keeps Getting Better

By Author: John Cory
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For millions of veterans, VA loans are tantamount to the freedom and opportunity to purchase a home where other opportunities seldom exist. In fact, the VA loan advantage is uncomplicated: relaxed eligibility guidelines and increased ability to borrow up to 103.15 percent of the value of a home on purchase transactions. Additionally, service members on active tours of duty that require extended absences may see a freeze in their home loan interest rates. Comparatively, a veteran loan is one of the best mortgage products out there, hands down!

Those Eligible For VA Loans Should Obtain A COE

Service members (active or retired), or surviving spouses, who meet specific requirements based on length of service or manner of discharge, may be qualified for VA loans and must obtain a valid Certificate of Eligibility (COE). The process of obtaining a COE is often built into the loan application and handled by VA-approved mortgage lenders. Conversely, applicants can obtain a COE manually by directly applying to the Veteran's Administration. In any case, a valid COE is the basic requirement to be eligible to apply ...
... for a loan backed by the Veteran's administration.

After obtaining the Certificate of Eligibility, many first-time buyers get worried about coming up with a significant down payment or cleaning up a history of credit blemishes. However, qualifying for veteran loans is more straightforward than traditional loans. For example, a veteran can qualify for a loan with a credit score as low as 600, make no down payment at the time of purchase, obtain lower payments and lower interest rates, and suffer no pre-payment penalties for paying off a loan early.

All of these perks make applying for and getting veteran-loan financing very attractive. When used timely, a veteran's home loan is a valuable asset! Put simply, a service member with a dream of homeownership has a viable means to achieve such a wonderful dream. And an affordable mortgage loan is a great way to reward service members for their sacrifice, don't you agree?

Since the enactment of the Servicemen's Readjustment Act of 1944, a.k.a. the GI Bill, millions of veterans have purchased homes. Unfortunately, only about 10 percent of eligible veterans take advantage of this opportunity. Therefore, if you are a veteran who has always dreamed of owning a home, or if you're curious about VA loans in general, contact a VA-approved lender for additional information. Someday soon, you'll hear the words: welcome home soldier; and hopefully, this will be in reference to a home of your own.
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