Va Home Loan Requirements

There are broad criteria that a va backed home must be measured against known as minimum property requirements or mprs.

Va home loan requirements. These home requirements help ensure that veterans and military families have a safe structurally sound and sanitary place to call home. The department of veterans affairs utilizes a series of minimum property requirements or mprs that a home must meet in order to qualify for a va loan. Eligibility requirements for va home loans service during wartime. Vietnam war august 5 1964 may 7 1975.

Learn about va home loan eligibility requirements for a va direct or va backed loan. Local requirements page for the va loan guaranty service local requirements va home loans apply for and manage the va benefits and services youve earned as a veteran servicemember or family memberlike health care disability education and more. Va home loan eligibility requirements. Find out how to apply for a certificate of eligibility coe to show your lender that you qualify based on your service history and duty status.

Korean war june 27 1950 january 31 1955. Va helps servicemembers veterans and eligible surviving spouses become homeowners. Keep in mind that for a va backed home loan youll also need to meet your lenders credit and income loan requirements to receive financing. The va does not make home loans so lenders can have their own requirements along with the vas requirements.

Va loan property requirements. Service members who secure a va purchase loan have to certify that they intend to personally occupy the property as their primary residence. As part of our mission to serve you we provide a home loan guaranty benefit and other housing related programs to help you buy build repair retain or adapt a home for your own personal occupancy. Potential va homebuyers need to meet requirements set by the department of veterans affairs and the lender they work with to obtain financing.

For more information on vas minimum property requirements please watch this video. At least 90 days active duty with other than dishonorable discharge. These are the main requirements for getting a va backed purchase loan. If you are using the va guaranteed home loan benefit a va approved appraiser will complete the appraisal to determine the homes value and ensure it is safe sound and sanitary for you and your family.

You must be entitled to a certificate of eligibility coe based on your military. The va appraisal is meant to help veterans and service members purchase homes that are safe sanitary structurally sound and appropriately valued. Like the other government backed loans va home loans have occupancy requirements that help keep the programs focus on primary residences. To obtain a va loan the law requires that.

Less than 90 days active duty if discharged for a service connected disability. Va home loans are provided by private lenders such as banks and mortgage companies.