VA Loan Eligibility VA Loans Insider

  • 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…

  • Service Requirements for the VA Loan Program

    Service Requirements for the VA Loan Program

    Being eligible for a VA loan doesn't mean you'll get one. But you can't get one without being eligible. Make sense? Here's the the longer version, just in case it doesn't: Active military and veterans have to meet certain requirements set forth by the VA in order to participate in the loan program. But the VA itself isn't in the mortgage business; it basically insures the loans made by private financial ins…

  • VA Loan Entitlement Options for Military Couples

    VA Loan Entitlement Options for Military Couples

    Married military couples have some choices when it comes to using their VA home loan benefits. Eligible spouses can decide to use all of one spouse’s entitlement for a VA loan, split their entitlement evenly for a joint VA home loan, or have one spouse use remaining entitlement from a previous VA home loan with the other spouse providing the rest for the new mortgage. Entitlement is basically the dollar amou…

  • VA Loan Qualifications

    VA Loan Qualifications

    We've had a few questions and opportunities for clarification at the VA Loans Insider page on Facebook recently regarding VA home loan eligibility and the nature of the VA loan guaranty. It's a good idea to step back and offer a snapshot of VA loan qualifications and reiterate a mantra we've stressed several times: Being eligible for a VA loan does not guarantee you will get one. Explaining the Guaranty Fir…

  • The VA Home Loan Process

    The VA Home Loan Process

    The VA home loan process doesn't have to be an overwhelming experience, and now is a great time to get started on your application. Prospective borrowers, especially first-time homebuyers, often start this journey with a laundry list of questions and concerns. But sometimes it's good to step back and take a higher-level view of the steps involved with securing a VA loan. The distance can help ease concerns and…

  • VA Loan Eligibility Isn't a Home Loan Guarantee

    VA Loan Eligibility Isn’t a Home Loan Guarantee

    It’s important to remember that being eligible for a VA loan and actually getting one are two very different concepts. To be eligible means the VA has determined you meet the initial VA loan eligibility requirements and have earned some degree of home loan entitlement. But your Certificate of Eligibility isn’t a coupon you can just redeem for a VA loan or refinance of your choice. It just doesn’t work…

  • How Lenders Verify Employment for Active Service Members

    How Lenders Verify Employment for Active Service Members

    Verifying a prospective homebuyer's employment is one of the key steps of the loan process. VA lenders need to ensure a borrower has a steady, reliable income stream that's likely to continue and that covers their future housing needs. For veterans, military spouses and others, lenders will send a Verification of Employment (VOE), an official VA document, to past and current employers. The process is a bit …

  • VA Loans a Lifeline for Consumers Hit by Credit Crunch

    VA Loans a Lifeline for Consumers Hit by Credit Crunch

    Consumer credit scores have taken a beating in the last three years. Close to 21 million Americans saw their credit score plummet more than 50 points during the housing market and economic meltdown of 2008-09, according to FICO, which produces a key score for the lending industry. In all, about 50 million consumers lost more than 20 points from their score. Hits to your credit can make it secure a home loa…

  • How to Have Two VA Loans at the Same Time

    How to Have Two VA Loans at the Same Time

    There are a lot of myths and misconceptions out there about the VA loan program. Two of the most common are rooted in the concept of VA entitlement, which is basically the amount of money the agency pledges to guarantee in the event of borrower default. So let's get this out of the way at the outset: It is possible in some situations to have two VA home loans at the same time. And you can definitely qualify…

  • VA Loans and Employment

    VA Loans and Employment

    Income and employment are two basic elements in securing a home loan. But don’t let your assumptions about what is required discourage you from pursuing a VA loan, because the agency’s requirements allow for some flexibility in assessing both. When it comes to employment, the VA and VA approved lenders are looking for stability, consistency and a likelihood that those conditions will continue. The gold standar…