Asked by: Tudora Ridleasked in category: General Last Updated: 8th April, 2020
Can active duty get VA loan?
Similarly, how long do you have to be on active duty to get a VA loan?
You may be eligible for a VA loan by meeting one or more of the following requirements: You have served 90 consecutive days of active service during wartime, OR. You have served 181 days of active service during peacetime, OR. You have 6 years of service in the National Guard or Reserves, OR.
Likewise, what qualifies you for a VA home loan? You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy.
Similarly, what disqualifies you from getting a VA home loan?
Generally, veterans who served at least 90 consecutive days are eligible if they were discharged for one of the following reasons:
- Discharged for hardship.
- Early out.
- Convenience of the government.
- Reduction in force.
- Condition interfered with duty.
- Compensable service-connected disability.
Why are VA loans bad?
The VA loans typically have lower interest rates than conventional mortgages, allow for higher debt-to-income ratios and lower credit scores, and they don't require private mortgage insurance.