Are you Eligible For a Veteran Home Mortgage in Idaho or Oregon?

Veteran Home Loan eligibility in Boise, Meridian, Nampa, Idaho or Oregon?

If you’re a veteran, active-duty service member, or surviving spouse, you may be eligible for a VA home loan. In this article, we’ll explore who is eligible for a VA home loan and what you need to know about the application process.

Who is Eligible for a VA Home Loan?

To be eligible for a VA home loan, you must meet one of the following criteria:

• You are a veteran who served on active duty and was discharged under conditions other than dishonorable after a minimum of 90 days of service during wartime or 181 continuous days during peacetime.
• You are an active-duty service member who has served for a minimum of 90 consecutive days.
• You are a National Guard or Reserve member who has served for at least six years.
• You are a surviving spouse of a service member who died in the line of duty or as a result of a service-related disability.

It’s important to note that even if you meet one of the above criteria, your eligibility for a VA home loan may still depend on other factors, such as your credit score, debt-to-income ratio, and the value of the property you’re looking to purchase.

What are the Benefits of a VA Home Loan?

One of the primary benefits of a VA home loan is that it allows eligible service members and veterans to purchase a home with little or no down payment. This can make homeownership more accessible and affordable, especially for those who may not have a large amount of savings.

Additionally, VA home loans typically have lower interest rates than traditional loans, which can save borrowers money over the life of the loan. VA loans also don’t require private mortgage insurance (PMI), which can further reduce the cost of homeownership.

What Do You Need to Know About the Application Process?

To apply for a VA home loan, you’ll need to obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs. Because 1^st Choice Mortgage does LOTS of VA loan, we can assist you with this.  We have direct access to the Department of Veterans Affairs and can get your COE as quickly as 30 seconds, but sometimes it can take as long as 3 days. 

Once you have your COE, you can start shopping for a home and working with a mortgage broker, like 1^st Choice Mortgage, to obtain a preapproval for your loan. From there, you’ll need to submit a formal loan application and provide documentation such as your pay stubs, tax returns, and bank statements.

It’s important to work with a lender who is experienced in VA home loans, as the application process can be more complex than traditional loans. 1^st Choice Mortgage has been doing VA loans in Idaho for over 30 years, we know VA loans!!

If you’re a veteran, active-duty service member, or surviving spouse, you may be eligible for a VA home loan. This type of loan can offer significant benefits, such as no down payment and lower interest rates, but it’s important to understand the application process and your eligibility requirements before applying. By working with an experienced lender and obtaining your COE from the VA, you can take the first step toward homeownership with a VA home loan.

Next, were you Honorably Discharged?

Now let’s look at your service:

For Service During Peace Time in the 5 branches:

If you were separated from service:

Selected Reserve or National Guard:

Completion of a total of 6 credible years in the Selected Reserve or National Guard:

• Member of an Active Unit.
• Attending required weekend drills.
• Attending two-week active duty training

Then:

• Were Discharged with an honorable discharge.
• Were placed on the retired list.
• Were transferred to the Standby Reserve or and element of the Ready Reserve other than the Selective Reserve after service characterized as honorable service.
• Continue to serve in the Selected Reserves.
• Or was discharged Prior to 6 years, for a service connected disability.

Spouses may also be eligible if:

• You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability.
• You are a spouse of a Service Member missing in action or a prisoner of war.
• You are a surviving spouse in receipt of Dependency and Indemnity Compensation benefits in cases where the Veteran’s death was not service connected.