Who qualifies for a VA loan?
When it comes to home loans in Utah, a VA home loan is often the best option. These loans have some of the lowest mortgage rates and best terms when compared to any other home loan products including conventional, FHA, USDA and portfolio/private banking.
For these reasons, Veterans Affairs loans are rising in popularity among veterans looking for a flexible lending option that does not require a down payment.
Although the eligibility requirements for VA loans requires high involvement from your part, millions of active military members, veterans, and surviving spouses are eligible to participate in the program. You’re likely in the mix if you meet one of the following conditions:
• You served 181 days on active duty during peacetime
• You served 90 days on active duty during wartime
• You served 6 years in the Reserves or National Guard, or
• Your spouse died in the line of duty or from a service-connected disability
It’s important to remember that being eligible for a VA loan doesn’t mean you’re guaranteed to qualify. Military borrowers will have to meet credit score requirements and debt-to-income ratio guidelines. The property must also pass a VA appraisal in order to be considered as collateral.