Who Qualifies for VA Loan

Lengo

Thinking about buying a home and served in the military? This video breaks down everything you need to know about VA loans—who qualifies, the key benefits, and how to get started.  If you're a veteran, currently serving, or a surviving spouse, you might be eligible for a VA loan. That means you could buy a home with no down payment, easier credit requirements, and no private mortgage insurance (PMI).  We’ll walk you through the basic service requirements, how to get your Certificate of Eligibility, and what lenders typically look for when it comes to income and credit.  Want to see if you qualify? Hit play and learn how LendGo can help you compare top lenders and take the first steps toward owning a home.

Transcript

00:00Who Qualifies for VA Loan?

00:04If you've served in the military or are currently serving,

00:08you might qualify for one of the best home financing options available, a VA loan.

00:13Backed by the Department of Veterans Affairs,

00:15VA loans help veterans, active-duty members, and surviving spouses

00:19buy a home with no down payment, no private mortgage insurance,

00:23and often lower interest rates.

00:25So, who qualifies?

00:26If you've served at least 90 days during wartime or 181 days during peacetime,

00:32or if you're currently serving with the required time, you may be eligible.

00:37Members of the National Guard or Reserves also qualify

00:40after six years of service or 90 days of active duty.

00:44Unmarried surviving spouses of service members may also be eligible.

00:49To get started, you'll need a Certificate of Eligibility or COE.

00:52Your lender can help you get this, or you can request it through the VA website.

00:57Beyond military service, lenders will check for steady income, reasonable debt levels,

01:02and credit history, though VA loans are often more forgiving on credit scores.

01:07The property must be your primary residence and meet VA appraisal standards.

01:12And while most borrowers pay a one-time VA funding fee,

01:16many veterans receiving disability benefits may be exempt.

01:19The best part? You can use a VA loan more than once.

01:23Whether you've paid off your previous VA loan or sold your former home,

01:27benefits can often be restored.

01:29Ready to buy a home with little or no money down.

01:32A VA loan might be the smartest path to homeownership for those who've served our country.

01:38Visit Lengo and get matched with top VA lenders to compare low rates and get started today.

01:44Visit Lengo.com for all your home buying tips.

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