VA Loan Eligibility VA Loans Insider

  • How to Refinance a Conventional Mortgage into a VA Loan

    How to Refinance a Conventional Mortgage into a VA Loan

    It comes as a surprise to some, but one of the myriad benefits of VA loans is that qualified veterans with non-VA home mortgages can refinance into a VA loan and reap the program's benefits. The VA Cash-Out refinance is the only way to make it happen. Conventional to Cash-Out The Cash-Out refinance is one of the VA's two refinance options. The other, the VA Streamline, is an interest rate reduction loan that…

  • How a Bankruptcy or Foreclosure Affects VA Loan Applications

    How a Bankruptcy or Foreclosure Affects VA Loan Applications

    Bankruptcy and foreclosure are tough financial decisions that can significantly affect a consumer’s credit score and overall fiscal health. But veterans and active duty military members, it’s important to know that a bankruptcy or foreclosure doesn’t mean you have to forget purchasing a home with your VA entitlement. If you’re worried about your credit, Veterans United’s Lighthouse program can help you g…

  • Lending for Two: VA Loans and Co-Borrowers

    Lending for Two: VA Loans and Co-Borrowers

    Contrary to what you've always believed, two is not necessarily better than one. It can make sense for prospective home buyers to want or need a co-borrower on their VA loan. Utilizing another person’s income, credit score and debt level might do wonders for your ability to qualify for a loan. If your credit is what's holding you back, the Veterans United Lighthouse Program is a great free resource. But count…

  • Getting Your Certificate of Eligibility: Let a Lender Do the Heavy Lifting

    Getting Your Certificate of Eligibility: Let a Lender Do the Heavy Lifting

    Even if you're positive you meet the VA loan eligibility requirements, there's only one way to be certain you have access to VA home loan benefits: Obtain your Certificate of Eligibility. This is where the VA separates belief from reality. The Certificate of Eligibility (COE) is an official document that basically attests to your right to participate in the VA Loan Guaranty program. There are multiple ways …

  • Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

    Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

    A VA entitlement is a financial guaranty from the government, which pledges to repay a portion of your home mortgage in the event of default. Your entitlement is a specific dollar amount. Because first-time home buyers have yet to utilize their benefit, 100 percent of their entitlement remains on their Certificate of Eligibility, which stands to reason, seeing they have yet to utilize their benefit. But b…

  • Can I Have Bad Credit and Still Get a VA Home Loan?

    Can I Have Bad Credit and Still Get a VA Home Loan?

    This post was inspired by VA Loans Insider reader Mary Ann Parker, who asked about securing VA financing with less than perfect credit. If you want to use your VA home loan benefits to unlock the door to your dream home and your credit is standing in the way, Veterans United’s Lighthouse program can help you get on the right track. For more details, read on. Credit Benchmarks The first issue is tackling …

  • VA Loan Basics: Eligibility Requirements

    VA Loan Basics: Eligibility Requirements

    For most, homeownership starts with a dream. For scores of veterans and active duty military personnel – the men and women who put America first – it starts and ends with a VA loan. These flexible, government-backed loans have helped more than 18 million service members become homeowners since World War II. VA loans feature no down payment and no private mortgage insurance and allow qualified borrowers to p…

  • VA Home Loans & Same-Sex Marriage

    VA Home Loans & Same-Sex Marriage

    The VA Loan Guaranty program recently updated its policy on same-sex marriage, a move that will likely streamline the process and broaden access to this historic home loan benefit. In short, the VA's guidance to lenders is essentially: A married applicant is a married applicant. Moving forward, VA officials will apply the same level of scrutiny to all veterans and service members who identify as married, regardles…

  • Occupancy Requirements for VA Loans

    Occupancy Requirements for VA Loans

    VA borrowers are expected to live in the properties they purchase. Sounds like a novel concept, right? But the issue of occupancy is important, not to mention often confusing, especially for first-time home buyers. These flexible, government-backed homes can’t be used to purchase investment properties or vacation homes, but the VA loan advantages are staggering. VA loans are for primary residences, so …

  • How Your Military Discharge Can Affect VA Home Loan Eligibility

    How Your Military Discharge Can Affect VA Home Loan Eligibility

    Documenting your proof of service is an important step in the VA mortgage process. This home loan program has helped millions of veterans and active duty military members since World War II. It's a benefit reserved for those who've proudly served our country, and, even then, there are certain conditions and service requirements that need to be met. As with most military benefits, the nature of your discharge ca…