WHAT IS A VA LOAN? A VA loan is a mortgage loan issued by private lenders and backed by the U.S. Department of Veterans Affairs. It helps U.S. veterans, active duty members, and widowed military spouses buy homes. This type of loan is an attractive option because it doesn’t require a down payment.
VA LOAN REQUIREMENTS
Military personnel must meet the VA's specific service requirements to get this loan when you're looking to buy a home.
1.
You’re an active duty service member or an honorably discharged veteran with 90 consecutive days of active service during wartime or 181 days during peacetime. You have served over six years in the National Guard or the Selected Reserve. You’re the spouse of a service member who died in the line of duty.
2.
If you were to go through the application process, you would need a Certificate of Eligibility (COE) to show mortgage lenders that you qualify for a VA loan. You can apply for a COE through the VA website, by mail, or through your lender.
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