You May Qualify For a VA Loan

Veteran Administration Loans or simply VA Loans were made to thank those heroes for serving their country. This loan is applicable to war veterans who were honorably discharged from service. Not all who were in the armed forces qualify for this loan though and only those persons who are honorably discharged are qualified. If you are a surviving spouse of a war veteran who was honorably discharged from service, for his/her serving the country with the life, you too qualify for this loan.

To show that you are eligible as a borrower, you need to get hold of the CERTIFICATE OF ELIGIBILITY, which you can get from the VA. Be aware of these points before you even approach the VA for the certificate.

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o During wartime you should have had ninety days or more of active duty service.
o During peacetime you should have had 181 days or more of active duty service.
o You were honorably discharged and you were not discharged from the duty for any disreputable doings.
o You are the widow/widower of a veteran who gave his/her life during the service for the country or died because of service-related injuries and you have not remarried.
o If you are the spouse of a veteran who is missing in action (MIA), or a prisoner of war, you qualify.
o For those peace time veterans you qualify if your service was from July 26, 1947 to June 26, 1950 February 1, 1955 to August 4, 1964 May 8, 1975 to September 7, 1980 (for enlisted personnel) May 8, 1975 to October 16, 1981 (for Officers).
o You can also qualify if you were a foreign veteran of an ally force in the World War II. If you were a member of organization which helped the armed forces like the Public Health Service or merchant seamen who served during the World War II.
o If you were the member of the National Oceanic& Atmospheric Administration or Cadets and students of military training institutions like those of Air force, Army or Coast Guard Academy and midshipmen from the US Naval Academy

Being eligible does not mean that you qualify. Understand the fact that VA Loans have more relaxed credit standards. Credit history will be a factor for this loan requirement too. You should have a credible credit history for the past year i.e. 12 months and also remember that credit history does not mean your credit score. The lender checks this to make sure that you are capable of making timely payments.

You will not be automatically debarred if you have filed for bankruptcy in the last 2 years. Your bankruptcy should be discharged and the reason for such a doing should be beyond your control, such as unemployment or medical reasons.

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