You may be eligible for a VA loan by meeting one or more of the following requirements:
- You have served 90 consecutive days of active service during wartime, OR.
- You have served 181 days of active service during peacetime, OR.
- You have 6 years of service in the National Guard or Reserves, OR.
People also ask, can a convicted felon get a VA loan?
VA Education Benefits
Beneficiaries incarcerated for other than a felony can receive full monthly benefits, if otherwise entitled. Convicted felons residing in halfway houses (also known as “residential re-entry centers”) or participating in work-release programs also can receive full monthly benefits.
Keeping this in consideration, can I use my dad’s VA loan to buy a house?
Veterans and service members can turn to VA loans if they need financial assistance for a home purchase. … Can a child use a parent’s VA loan? “Can I use my father’s VA benefits?” No. You need to be a veteran, current service member, or a surviving spouse of a veteran if you wish to qualify for a VA loan.
Can you get a VA loan without being in the military?
Whether you’re active duty, a service veteran, a surviving spouse or even, in some cases a civilian, you may be eligible for a VA loan. … Active duty military, veterans, surviving spouses, and in some instances civilians are eligible for a VA loan.
You don’t need a down payment. … With a VA loan, you can buy immediately, rather than years of saving for a down payment. With a VA loan, you also avoid steep mortgage insurance fees. At 5 percent down, private mortgage insurance (PMI) costs $150 per month on a $250,000 home, according to PMI provider MGIC.
On average, you can get approved and close on a VA loan in 30 to 45 days. Again, this will vary by lender and even by borrower, though. Below are the factors that affect your approval time.
VA loans do not require a down payment, and most choose $0 down. However, if you decide to put money down, it can reduce the VA funding fee – if required – and your overall monthly payment. Interest Rate: The interest rate is the cost of borrowing.
How Much is the VA Funding Fee? The VA funding fee is a one-time fee of 2.3% of the total amount borrowed with a VA home loan. The funding fee increases to 3.6% for borrowers who have previously used the VA loan program, but can be reduced by putting at least 5% down at closing.
If you’re eligible, VA loans are fairly easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
5 Potential Disadvantages of a VA Loan
- You May Have Less Equity in Your Home. …
- VA Loans Cannot be Used to Purchase Vacation Homes or Investment Property. …
- Seller Resistance to VA Financing. …
- The Funding Fee is Higher for Subsequent Use. …
- Not All Lenders Offer – or Understand – VA Loans.
Are There Income Limitations for VA Loans? No, the VA does not limit income for qualifying VA loan borrowers. Other government-guaranteed mortgage programs can set a maximum income amount to qualify for specific loan programs but the VA has no such requirement.
A person who served in the active military, naval, or air service and who was discharged or released under conditions other than dishonorable may qualify for VA health care benefits including qualifying Reserve and National Guard members.
Since you need to factor in the cost of the VA funding fee, you could ultimately end up with a loan that exceeds the market value of your house. Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term. You cannot use a VA loan for rental properties.