For those honorable service members who are currently serving our country, and for those that have already honorably served, you are eligible to participate in the VA loan program.
Even though the VA loan is only available to those who have served our country, there are a few requirements that must be met based on time of service rendered. Normally, active duty veterans or veterans discharged other than dishonorable condition, can qualify for a VA loan with more than 90 consecutive days of service during wartime or
more than 181 days of service during peacetime. There is no time requirement if discharged because of service related disabilities (Service disabled veterans).
National Guard and Reserve service members may qualify with six years of service in selected reserves. Also, Unmarried Surviving Spouses (widows) who have not re-married may also qualify. There is no time requirement and the veteran must have died on active duty or from a service connected disability. Finally, spouses of MIA’s (Missing In Action) and POW’s may qualify. The veteran must have been MIA or POW for at least 90 days.
90 consecutive days of service during wartime. 181 days of service during peacetime. 6 years of service in the National Guard or Reserves
Your eligibility is based on your service record, and will be determined by the Department of Veterans Affairs, which will then issue your Certificate of Eligibility (COE). For those service members and veterans interested in receiving their COE, you can go direct to the VA to apply for your COE, or you can contact a Pac Ally certified Military Housing Specialist and we can obtain your COE for you.
An eligible veteran or service member must still meet credit and income standards in order to qualify for a VA guaranteed loan. Normal underwriting standards that apply to conventional loans still apply here, where a potential borrower must meet monthly debt to income criteria (Debt To Income Ratio), and credit score requirements.
Once you apply for a VA loan, your certified Military Housing Specialist will pull your credit report, and calculate your debt to income ratios. Your total debt to income ratio is calculated by dividing your total monthly debt obligations including your estimated total monthly housing payment (PITI) by your total monthly income.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_column_text][/vc_column_text][/vc_column][/vc_row]