You might be a veteran, or you might be considering retiring in the next few years, and you might be thinking about how you can purchase your home when that time comes. To be completely honest, house hunting can be one of the most stressful things for veterans since going back home isn’t a walk in the park.
Although, one thing that might help our veterans ease into the whole process of being homeowners is the VA Loan. So basically, if you are a veteran or if you are considering retiring after serving a certain amount of time, you can apply for a VA Loan. If you haven’t heard of this scheme, then basically, it’s a mortgage loan that’s backed by the United States Department of Veteran Affairs.
However, like many things in this country, applying for this loan isn’t something you do on a whim. It’s something that you have to think about, and it’s something that you need to focus on since it can take a bit of time and energy. Although, we’re pretty sure that it’s going to be super worth it in the end!
So if we’ve caught your curiosity by talking about this scheme, you might be wondering how you can apply for the VA Loan or how you can go through with the process. To be fair, it’s straightforward if you know what you’re doing, and it can make the lives of our veterans so much easier!
The requirements for a VA Loan application are pretty straightforward as well. If you think that you qualify as a ‘veteran,’ then you’ve probably got the very first qualification! So let’s move on to the other requirements you would need to prepare to get your VA Loan application up and running.
First of all, here is the most important qualification that you have to meet:
- You’ve served 90 consecutive days of active service during wartime.
- You’ve done 181 days of active service during peacetime.
- You’ve got six years of service in the National Guard or Reserves.
- You’re the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
You only have to meet one of the requirements stated above, and you’re pretty much good to go! Once you’ve established your standing, it’s time to get your COE or your Certificate of Eligibility for VA Loans. It’s pretty easy to apply for this at your home state’s VA regional loan center.
Now that you’ve collected all the necessary paperwork, you might be wondering how you can get your application going. Well, the steps are also pretty easy since you’ve only got to follow these next ones:
- You have to familiarize yourself with the general VA Loan eligibility requirements. This is the first step, but this is also pretty easy since you’re just going to collect all the requirements that we’ve mentioned above.
- You have to contact a VA-approved lender like Veteran United Home Loans to start your VA Loan application.
- You have to obtain your Certificate of Eligibility or your COE through a lender or on your own.
- You have to finalize your loan application and provide all the necessary paperwork to your lender. This includes your W-2s, tax returns, and any additional financial information needed for your application.
Applying for a VA Loan isn’t a walk in the park, but it’s not a walk in the moon either. You only have to check if you’re qualified for it or not, and then if you are, you only need to follow these four easy steps!
To know more about us, you may visit our website by clicking here. Purchasing your first home after doing an act of service is one of the best things you can do yourself. So if you’re looking to find the perfect home around Chattanooga, Tennessee, don’t hesitate to give the Ryan King Team | Keller Williams Realty a call at +1 (423) 595 7958! We can’t wait to hear from you, and thank you for your service!
