| There are definitely more advantages of a VA loan | | | | died during service or due to injuries during the service |
| over a non-VA loan. Like for example, you do not | | | | period and you are not remarried. Even if you meet all |
| have to pay the down payments unlike the non-VA | | | | these criteria it does not necessarily mean that you |
| loan or you do not even have to insure your mortgage | | | | qualify for a VA loan. |
| unlike the other mortgage loans. Also VA loans have | | | | Like every mortgage lender the VA loan lenders will |
| much lower rates of interest as compared to the | | | | also scrutinize your credit history although they have |
| non-VA loans. All this obviously sum up to a huge | | | | more relaxed criteria as compared to the normal |
| amount of savings in a year. Definitely this mortgage | | | | lenders. So even if you have not so good credit score |
| loan is very lucrative. But there are certain criteria that | | | | but have all your bill payments up to date over a |
| you have to fulfill before you qualify for a VA loan. Let | | | | period of the last one year you can qualify for this loan. |
| us see what they are. | | | | Basically they look for timely repayment options by |
| Before you see whether you qualify for VA loan or | | | | you. Moreover even if you have declared bankruptcy |
| not you have see whether you are even eligible for it. | | | | in the past it does not disqualify you from its approval. |
| For this you have to obtain a Certificate of Eligibility | | | | They will analyze the circumstances under which you |
| from the VA department of United States. To obtain | | | | had to declare it like sudden business failure or is it due |
| this certificate you have to fill up a form called the VA | | | | to carelessness in money management. Bottom line is |
| Form 26-1880, Request for a Certificate of Eligibility for | | | | they will see your credit history before you declared |
| Home Loan Benefits. This form is available online at | | | | bankruptcy to make out whether it was under genuine |
| the VA Home Loan government website. After filling | | | | circumstances or not and they approve it under |
| the form you must submit it along with your other | | | | genuine circumstances. And also the period when you |
| military documents at a VA Eligibility Center. Other than | | | | are applying for this loan that is minimum of two years |
| that there are many lenders who have access to the | | | | after declaring bankruptcy. |
| Certificate of Eligibility through internet and they can | | | | They will see that you had a stable employment |
| easily process your request online and check if you | | | | history for at least the last two years and currently |
| are eligible for it or not. | | | | employed with a steady job. Also they will check |
| There are few guidelines for the eligibility. First you | | | | whether you can easily afford to repay the debts in |
| should have served for a minimum period of 90 days | | | | time and to its completion or not. And last but not the |
| during wartime or a minimum of 180 days during | | | | least you have a genuine need for it like for purchasing |
| peacetime. You are discharged from the services | | | | house, townhouse or any other mentioned reasons in |
| under no dishonorable circumstances, you are currently | | | | the criteria. |
| in job. Or you are surviving spouse of a veteran who | | | | |