How Long DoYou Have To Serve To Qualify For VA Loans In San Diego?
VA loans are designed to support veterans, active military members, and their families in securing a no-stress home loan. While many are eligible for VA loans in San Diego, it’s important to remember that not just anyone can apply and be approved. Eligible service members, veterans, spouses, and select others can use this program to get back on their feet.
In order to apply for a VA loan, you must be eligible. In essence, two days of Boot Camp typically won’t cut it.
You may be eligible if you:
- Served 90 days on active duty during wartime
- Served 181 days on active duty during peacetime
- Completed 6 years of service in the National Guard or Reserves
- Are the surviving spouse of a veteran or service member who died in the line f duty or from a service-caused disability.
Above are broad guidelines. It’s important to note that there can be exceptions, and the only way to be sure is to get your Certificate of Eligibility.
Certificate of Eligibility
Applicants that meet the basic service requirements will also need a Certificate of Eligibility. Your VA lender can help you secure this or you can get your own through the VA eBenefits portal.
While single-family homes are the standard when pertaining to the VA loan, new construction is also possible with this loan. However, these loans cannot be used to purchase a second or vacation house.
Credit & Income Eligibility
While the Department of Veterans Affairs doesn’t impose a credit score minimum, most lenders will look for a credit score of 620 or higher. As for income, lenders look for potential homebuyers that can afford the mortgage that they are applying for.