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Know if You Qualify for a VA Loan

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By : Mary Deoquino    99 or more times read
There are millions of US citizens who qualify for the VA Loan, but only a handful knows about this opportunity and takes the chance to go for it. Many donít even know that they qualify for this loan. There are lots of benefits from this loan when compared to the conventional types. There are less red tapes involved, which itself is a blessing when applying for a loan.

VA Loan is a loan program to thank the veterans of wars who served their country when in need. The important factor when applying for this loan is that you should be an honorably discharged veteran from the service.

You are clear to opt for this loan if you were truly honorably discharged from the service. Even those persons who are the surviving spouse of a war veteran can opt for this loan. To show that you are eligible for the VA Loan as the borrower, you have to show the CERTIFICATE OF ELIGIBILITY to the VA mortgage provider. This certificate can be procured from the VA.

If you have served the country for 90 days or more during wartime and more than 181 days or more during peace time, you are eligible for the loan.

If you have not remarried and are the surviving spouse of a war veteran who gave up their life for the country or died because of service related injuries; or your spouse was declared missing in action or is declared a prisoner of war, you qualify for the VA Loan.

If you are a peace time veteran and if your service was from July 26, 1947 to June 26, 1950 February 1, 1955 to August 4, 1964 May 8, 1975 to September 7, 1980 (for enlisted personnel) May 8, 1975 to October 16, 1981 (for Officers), you qualify.

If you are a foreign veteran, an ally during the World War II or an officer of the organization that helped the armed forces like the Public Health Service or a merchant seaman who served the purpose during the World War II, you qualify.

You are eligible, if you were the member of the National Oceanic& Atmospheric Administration or Cadets and a student of military training institutions like those of the Air force, Army or Coast Guard Academy and midshipmen from the US Naval Academy.

VA loans have more relaxed credit standards. Like any loan, you should have a good credit history for the past 12 months. The mortgage provider will check your credit history to make sure that you are able to make payments on time. Remember that a credit history is different from a credit score.
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