Need A VA Loan? Have Clear Knowledge About The Eligibility?
Ordinary people are given great privileges then the armed forces are the backbone of the defense against the country; so they must be given benefits and advantages that are greater and exclusive. For these personals having a home is the most amazing thing and for this they can avail the VA Loan.
What Is VA Loan?
This is a kind of a mortgage loan that is granted to soldiers and especially the veterans. It is a very special loan approved by the department of veteran affairs. It has to be noted that the VA department is not the one that gives the loan; so Best Mortgage Companies can be approached.
Eligibility Criteria Of VA Loans
Although this loan is named Veteran Affair Loan other serving soldiers can be eligible for the application of the loan. The following are the requirements for the eligibility of the loan.
The days of serving in duty must be 90 days.
The veterans must complete their full services, wartime days 90 and peacetime duty days 181.
For National Guards and Reserve 6 years in the force.
Surviving spouse of the veterans.
Eligibility Clear Knowledge Of VA Loan
Although the eligibility criteria of the VA loan is quite clear still there are a few points that need to be verified before you contact Best Mortgage Companies in California. So you have to know very clear cut that about the eligibility.
Only Competent Soldiers Can Acquire It
Not all members of the armed forces can acquire the loan. They have to stay in the armed forces for the following years.
Regular soldiers for 2 years
Members of the Reserve and National guards for at least 6 years
When in wartime 90 days is important
Active duty for 181 days during peace.
7 Armed Forces Can Benefit
When you apply for the loan through companies like Nextgen Mortgage then you come to know that soldiers who belong to the below-mentioned services can apply.
Public Health Service
National Oceanic Atmospheric Administration
National Guards And Reserved Members
These are a part of the armed forces but they are kept in reserve and to be called on duty when there is a crisis and more soldiers are needed. But they must have served 90 days as active soldiers.
Active Duty Officers Get Loan Faster
For the soldiers who are on-duty and have been called on active duty are the ones who can get the VA loan faster than others. They can avail the VA home loan benefits as they are currently serving.
Best Mortgage Companies Can Help
If you are worried that from where you will get the loan and how will the requirements will be met? Then you don’t have to be troubled as there are several companies that have experts who will help you with the loan.
Spouses Are Also Qualified
The spouse of those soldiers who has either died in combat or are MIA and POW can apply for the VA loan. The wives and husbands of veterans who have died or are disabled are also qualified.
Not Only Veterans Are Eligible
There are other members of the armed forces besides the veterans are eligible for the VA loan but you have to consult experts of Best Mortgage Companies to know what the rules are for them.
Minimum Period Of Services Are Also Suitable
If the soldiers have been honorary discharged and have served very little time in active duty; even they are suitable for the VA loan.
Certificate Of Eligibility Is A Plus Point
You need to get help from Best Mortgage Companies to know everything about the certificate of eligibility. When you present this certificate then the procedure of the loan becomes faster which is a plus point.