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A VA-backed mortgage home loan can have some advantages when compared to a FHA or conventional home loan. One of the biggest advantages is the amount required for a down payment. With a VA loan there are some programs that require no down payment. With an FHA mortgage the minimum down payment is 3.5% of the purchase price. A conventional loan is generally even higher.
The Veterans Administration has specific rules on who can qualify for a VA mortgage. Besides prior military service personal, there are others that may also qualify. This article looks at the requirements for qualifications as well as how to get certification documentation for lenders and mortgage brokers.
Eligibility Requirements for a VA Backed Mortgage
Even though all veterans of military service generally qualify for a VA-backed home loan, there are some guidelines for time in service as well as discharge classifications. Veterans that were discharged with less than honorable conditions, for example, may not qualify. According to the VA, the first qualification requirements include the following:
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