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How to Qualify for a VA Loan

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Veteran Affairs (VA) loans are a benefit provided to veterans and members of the armed forces. By providing zero-down funding and less stringent credit requirements, VA loans have helped many men and women who have served our country become homeowners.

So how do you qualify for a VA loan? The following information will give you a better idea of what you need to do.

Meet eligibility requirements

First, you must make sure you meet the service conditions set forth by the Department of Veteran Affairs. These include one of the following:

• You must be a veteran or current active duty military member with at least 90 days of service, or

• You must be a National Guard of Reserve member with at least six years of service.

Spouses of veterans are also eligible if one of the following conditions apply:

• Your spouse either died in the service or from a service-related disability, and you have not remarried (surviving spouses who remarry after the age of 57 are still eligible)

• Your spouse is missing in action or is a prison of war

• You are a surviving spouse of a totally disabled veteran, even if the disability did not cause the death.

Obtain a Certificate of Eligibility

Next, you will need a Certificate of Eligibility (COE) from the Department of Veteran Affairs. This document certifies that you are eligible for the VA loan program and what conditions you have met.

Meet credit and income requirements

Additionally, you must meet certain credit and income requirements to qualify for a VA loan. NLC Loans requires a minimum 580 credit score, as well as enough income to prove you can make your mortgage payments.

Contact NLC Loans

The next step is to contact a mortgage lender who handles VA loans; not all do. NLC Loans can help you determine if you qualify for a VA loan and are ready to help answer any questions you might have. Contact a personal mortgage advisors toll-free today at 1-877-480-8050.