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The Secret Key to VA Eligibility

By admin On June 30, 2010 Under VA Credit Requirements, VA Loans

VA eligibility requirements are not the same as getting financing through a bank or a savings and loan company. As with all government agencies you just need the proper paper work to be eligible for a loan from the VA. If you don’t have the paper work or if something is missing, it can stop the loan process in its tracks.

The Veterans Administration or VA as some call it, can help you obtain a loan from a bank or saving and loan company.  However, there are requirement that must meet the VA approval before you can get your loan.  Since the VA inception in 1944 there have been many changes to the rules and regulations to the acceptance of loans and the type of loans they will guarantee. 

At the time, you could only get a home loan through the VA and the requirements were a lot stricter than they are today.  Today, the guidelines for VA eligibility on a loan are different.  As is the type of loan you can get.  Today, you can get a VA loan to start a business, remodel your home, consolidate your debt, or yes, even a home loan.

The VA is not the actually lender of money.  They guarantee repayment of the loan.  They act kind of like a co-signer. If you don’t repay the loan the VA will pick up the tab.  However, whatever you got the loan for will be lost because it then becomes property of the VA.  You do have to repay the loan but the VA makes it possible to get the loan without you having any financial hardships.  But first you must have VA eligibility for them to approve the loan. So what do you need to be eligible for a VA loan?  Read on….

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You need to fill out the form for Certificate of Eligibility.  You can obtain one through your local Veterans Administration regional office.  A Certificate of Eligibility is a form that says you served in the military, when you were discharged, length of time served, and how much you can borrow.  But without it you don’t qualify for the VA eligibility requirement.  So you need it!

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A Certificate of Eligibility will make the process of applying for a VA loan much easier. Otherwise, you’ll have to get individual signed documents stating the same as the certificate says. If you’ve never been in the military then you won’t know how impossible it is to find everyone to sign the document. It near impossible — so it’s better to go to the local office with the other proof you need and get a Certificate of Eligibility.

Meeting VA eligibility is not that hard if you make sure all your document are in order. Many military personnel know the red tape of government office.  In order to meet the guidelines of a VA loan you will need a Certificate of Eligibility from your local VA office.  It will make the process run much smoother.

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