KEY TAKEAWAYS<\/h3>\n- If you meet the VA\u2019s minimum service requirements, you can use a home loan after getting out of the military.<\/span><\/li>\n
- The VA and your lender have various requirements you and the property must meet to qualify for the VA loan.<\/span><\/li>\n
- Griffin Funding can help you determine your VA loan eligibility and walk you through the application process to secure financing for a home.<\/span><\/li>\n<\/ul>\n<\/div>\n
Can You Use a VA Loan After You Get Out of the Military?<\/h2>\n
While there are several types of VA loan borrowers, the two most common are:<\/span><\/p>\n\n- Individuals on active duty who want to purchase a home where they\u2019re stationed\u00a0<\/span><\/li>\n
- Veterans who have retired from the military\u00a0<\/span><\/li>\n<\/ol>\n
So can you use a VA loan after you get out of the military? Of course, as that\u2019s usually when most military members begin settling down. However, as we\u2019ve mentioned, you can also use your VA loan while in the military.<\/span><\/p>\n![\"\"](\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-5.png\")
<\/p>\n
To be eligible for a VA loan, whether in the military or as a retired veteran, you must meet the US Department of Veterans Affairs (VA) minimum service requirements. Ultimately, your eligibility depends on when you served, the length of service, and the branch you served in. In general, the minimum service eligibility requirements<\/a> are as follows:<\/p>\n\n- 90 consecutive days of active service during wartime\u00a0<\/span><\/li>\n
- 181 days of active service during peacetime<\/span><\/li>\n
- Six years in the National Guard or Reserves (or 90 days under Title 32 orders)<\/span><\/li>\n
- Spouse of a service member who died in service or from a service-related disability\u00a0 <\/span><\/li>\n<\/ul>\n
In addition to your length of service, your eligibility may be determined by the type of discharge you received. If you receive an honorable or general discharge, you will likely meet the VA loan requirements. However, you may not be eligible if you received an other-than-honorable or dishonorable discharge.<\/p>\n
Griffin Funding is dedicated to providing our customers with unparalleled service and the most favorable terms.<\/h3>Get Started<\/a><\/div>\nDo VA Loan Benefits Expire?<\/h3>\n
VA loan benefits don\u2019t expire, so you can use them at any point after getting out of the military. Additionally, you can use this benefit as many times as you want as long as you have remaining entitlement. Your <\/span>VA entitlement<\/span><\/a> is the amount <\/span>of your loan the VA will guarantee, meaning the amount they\u2019ll pay the lender if you default on the loan. The VA guarantees up to 25% of the VA home loan, allowing you to multiply your remaining entitlement by four to determine the maximum amount you can borrow based on whether you have full or partial entitlement.<\/p>\nIf you have your full entitlement, your <\/span>Certificate of Eligibility<\/span><\/a> (COE) <\/span> will list $36,000 as your remaining entitlement. This number isn\u2019t how much you can borrow. Instead, it tells lenders that you have your full entitlement. The VA loan doesn\u2019t have loan limits<\/a> to how much you can borrow if you have your full entitlement; they will guarantee 25% of the loan.<\/p>\nIf you\u2019ve used your VA loan prior to getting out of the military and haven\u2019t <\/span>restored your entitlement<\/span><\/a>, you<\/span> have a partial entitlement, which may require you to make a down payment on your next VA loan to cover the VA\u2019s 25% guarantee to the lender. Your remaining entitlement is based on how much of your entitlement you\u2019ve already used and current conforming loan limits.<\/p>\nVA Home Loan Requirements<\/h2>\n
![\"\"](\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image2-3.png\")
<\/p>\n
If you meet the VA\u2019s minimum service requirements, you\u2019re eligible for a VA loan. However, the VA has other requirements you must meet before a lender can accept your application. In addition, you must meet the lender\u2019s criteria to be eligible for the loan. A few of the most important VA loan requirements include the following:<\/p>\n
VA Minimum Property Requirements<\/h3>\n
The VA\u2019s <\/span>minimum property requirements<\/span><\/a> (MPRs) protect borrowers, lenders, and the VA by ensuring the safety and structural integrity of the home by looking for potential issues like lead-based paint and <\/span>pests<\/span><\/a> and ensuring the property has things like:<\/span><\/p>\n\n- Working heating, cooling, and electrical systems\u00a0<\/span><\/li>\n
- Adequate roofing\u00a0<\/span><\/li>\n
- Clean water supply<\/span><\/li>\n
- Sanitary sewage disposal\u00a0<\/span><\/li>\n
- Accessibility from public and private streets<\/span><\/li>\n
- Sufficient living space<\/span><\/li>\n
- Accessible attics and crawl spaces with ventilation\u00a0<\/span><\/li>\n<\/ul>\n
If, for some reason, the home doesn\u2019t meet these requirements, it\u2019s not eligible for the VA loan, even though you, as the borrower, are. In these cases, you have a few options, such as finding a new home to purchase or asking the current homeowner to fix the issues and have the <\/span>VA perform another inspection<\/span><\/a> to approve the property for the loan.<\/span><\/p>\nProperty Type<\/h3>\n
The VA requires that the property you purchase will serve as your primary residence. Most lenders allow you to secure a VA loan for a single-family home, <\/span>condo<\/span><\/a>, or townhome. However, some lenders might not allow <\/span>manufactured homes<\/span><\/a>.<\/span><\/p>\nVA loans<\/span><\/a> can only be used for primary residences. Therefore, they cannot be used<\/span> to explicitly purchase<\/span> vacation homes, rentals, or investment properties. However, there are several caveats.\u00a0<\/span><\/p>\nFor example, if you own a home and have met the <\/span>VA loan occupancy requirements<\/span><\/a>, you may be able to purchase another home and rent your previous home out for an additional income. <\/span>You can also buy a multi-unit property with your VA loan and live in one of the units while renting the other ones out.\u00a0<\/span><\/p>\nCredit Score<\/h3>\n
The VA doesn\u2019t have a <\/span>minimum credit score requirement<\/span><\/a>, but lenders do. The minimum credit score to qualify for a VA loan varies by lender, but most like to see a credit score of at least 500. Some lenders may be more lenient than others, depending on your financial situation. Therefore, you can get a <\/span>VA loan with poor credit<\/span><\/a>, but they typically come with higher interest rates.<\/span><\/p>\nIncome<\/h3>\n
You need income to qualify for a home loan because lenders <\/span>must be able to assess your ability to<\/span> afford monthly mortgage payments. <\/span>Lenders will also use your income to calculate your debt-to-income (DTI) ratio. <\/span>Your DTI tells lenders what percentage of your income goes toward paying debts, and they typically prefer DTIs at or below 43%.<\/span><\/p>\nLoan Limits<\/h3>\n
As we mentioned earlier, <\/span>VA loan limits<\/span><\/a> don\u2019t apply<\/span> if you have your full entitlement. However, if you have partial entitlement, the amount you can borrow for a VA loan before making a down payment will be based on conventional conforming loan limits.\u00a0<\/span><\/p>\nHigh-cost living areas have higher loan limits, but your remaining entitlement will determine how much you\u2019ll have to pay out of pocket to reach the 25% guarantee necessary for the lender to approve your VA loan application.<\/span><\/p>\nDown payment<\/h3>\n
Comparing <\/span>VA loans vs. conventional loans<\/span><\/a>, you\u2019ll find that the most significant benefit of VA loans is that they don\u2019t have a down payment requirement as long as you have your full entitlement. However, some lenders may choose to require a down payment if you have a low credit score.<\/span><\/p>\nWith a simple 10-step mortgage process, Griffin Funding strives to make applying and securing a home loan easy, transparent, and quick.<\/h3>Get Started<\/a><\/div>\nHow to Determine Your VA Loan Eligibility<\/h2>\n
The easiest way to determine if you\u2019re eligible for a VA loan is to obtain your Certificate of Eligibility (COE). This document tells you if you qualify and how much of your entitlement you have remaining. You must also ensure that you\u2019re eligible for a VA loan through a lender by meeting all of their requirements. Requesting your COE by mail from the VA can take six months. Since time is of the essence when you\u2019re purchasing a home, Griffin Funding can help you streamline the process of obtaining your COE.<\/p>\n
However, if you\u2019re not quite ready to begin the application process, you can request your COE<\/a> from the VA online or by mail.<\/p>\nAfter you obtain your COE and have determined your eligibility, you can work directly with your lender to ensure you meet their lending requirements. The lender will request the VA appraisal of the property and review all of your financial information to determine whether to accept your application.<\/p>\n
Why Take Out a VA Loan?<\/h2>\n
![\"Close](\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image5-5.jpg\")
<\/p>\n
The VA loan was designed to help eligible borrowers who have served our country secure financing for a home. A few benefits of this program include the following:<\/p>\n
\n- Competitive VA rates<\/a><\/li>\n
- No down payment required<\/li>\n
- No private <\/span>mortgage insurance<\/span><\/a> (PMI) required<\/span><\/li>\n
- Flexible lending requirements<\/li>\n<\/ul>\n
Download the Griffin Gold app today!<\/h3>
Take charge of your financial wellness and achieve your homeownership goals
\r\nUse invitation code: GRIFGOLD<\/b> to register.<\/p>
Can You Use a VA Loan After You Get Out of the Military?<\/h2>\n
While there are several types of VA loan borrowers, the two most common are:<\/span><\/p>\n So can you use a VA loan after you get out of the military? Of course, as that\u2019s usually when most military members begin settling down. However, as we\u2019ve mentioned, you can also use your VA loan while in the military.<\/span><\/p>\n To be eligible for a VA loan, whether in the military or as a retired veteran, you must meet the US Department of Veterans Affairs (VA) minimum service requirements. Ultimately, your eligibility depends on when you served, the length of service, and the branch you served in. In general, the minimum service eligibility requirements<\/a> are as follows:<\/p>\n In addition to your length of service, your eligibility may be determined by the type of discharge you received. If you receive an honorable or general discharge, you will likely meet the VA loan requirements. However, you may not be eligible if you received an other-than-honorable or dishonorable discharge.<\/p>\n VA loan benefits don\u2019t expire, so you can use them at any point after getting out of the military. Additionally, you can use this benefit as many times as you want as long as you have remaining entitlement. Your <\/span>VA entitlement<\/span><\/a> is the amount <\/span>of your loan the VA will guarantee, meaning the amount they\u2019ll pay the lender if you default on the loan. The VA guarantees up to 25% of the VA home loan, allowing you to multiply your remaining entitlement by four to determine the maximum amount you can borrow based on whether you have full or partial entitlement.<\/p>\n If you have your full entitlement, your <\/span>Certificate of Eligibility<\/span><\/a> (COE) <\/span> will list $36,000 as your remaining entitlement. This number isn\u2019t how much you can borrow. Instead, it tells lenders that you have your full entitlement. The VA loan doesn\u2019t have loan limits<\/a> to how much you can borrow if you have your full entitlement; they will guarantee 25% of the loan.<\/p>\n If you\u2019ve used your VA loan prior to getting out of the military and haven\u2019t <\/span>restored your entitlement<\/span><\/a>, you<\/span> have a partial entitlement, which may require you to make a down payment on your next VA loan to cover the VA\u2019s 25% guarantee to the lender. Your remaining entitlement is based on how much of your entitlement you\u2019ve already used and current conforming loan limits.<\/p>\n If you meet the VA\u2019s minimum service requirements, you\u2019re eligible for a VA loan. However, the VA has other requirements you must meet before a lender can accept your application. In addition, you must meet the lender\u2019s criteria to be eligible for the loan. A few of the most important VA loan requirements include the following:<\/p>\n The VA\u2019s <\/span>minimum property requirements<\/span><\/a> (MPRs) protect borrowers, lenders, and the VA by ensuring the safety and structural integrity of the home by looking for potential issues like lead-based paint and <\/span>pests<\/span><\/a> and ensuring the property has things like:<\/span><\/p>\n If, for some reason, the home doesn\u2019t meet these requirements, it\u2019s not eligible for the VA loan, even though you, as the borrower, are. In these cases, you have a few options, such as finding a new home to purchase or asking the current homeowner to fix the issues and have the <\/span>VA perform another inspection<\/span><\/a> to approve the property for the loan.<\/span><\/p>\n The VA requires that the property you purchase will serve as your primary residence. Most lenders allow you to secure a VA loan for a single-family home, <\/span>condo<\/span><\/a>, or townhome. However, some lenders might not allow <\/span>manufactured homes<\/span><\/a>.<\/span><\/p>\n VA loans<\/span><\/a> can only be used for primary residences. Therefore, they cannot be used<\/span> to explicitly purchase<\/span> vacation homes, rentals, or investment properties. However, there are several caveats.\u00a0<\/span><\/p>\n For example, if you own a home and have met the <\/span>VA loan occupancy requirements<\/span><\/a>, you may be able to purchase another home and rent your previous home out for an additional income. <\/span>You can also buy a multi-unit property with your VA loan and live in one of the units while renting the other ones out.\u00a0<\/span><\/p>\n The VA doesn\u2019t have a <\/span>minimum credit score requirement<\/span><\/a>, but lenders do. The minimum credit score to qualify for a VA loan varies by lender, but most like to see a credit score of at least 500. Some lenders may be more lenient than others, depending on your financial situation. Therefore, you can get a <\/span>VA loan with poor credit<\/span><\/a>, but they typically come with higher interest rates.<\/span><\/p>\n You need income to qualify for a home loan because lenders <\/span>must be able to assess your ability to<\/span> afford monthly mortgage payments. <\/span>Lenders will also use your income to calculate your debt-to-income (DTI) ratio. <\/span>Your DTI tells lenders what percentage of your income goes toward paying debts, and they typically prefer DTIs at or below 43%.<\/span><\/p>\n As we mentioned earlier, <\/span>VA loan limits<\/span><\/a> don\u2019t apply<\/span> if you have your full entitlement. However, if you have partial entitlement, the amount you can borrow for a VA loan before making a down payment will be based on conventional conforming loan limits.\u00a0<\/span><\/p>\n High-cost living areas have higher loan limits, but your remaining entitlement will determine how much you\u2019ll have to pay out of pocket to reach the 25% guarantee necessary for the lender to approve your VA loan application.<\/span><\/p>\n Comparing <\/span>VA loans vs. conventional loans<\/span><\/a>, you\u2019ll find that the most significant benefit of VA loans is that they don\u2019t have a down payment requirement as long as you have your full entitlement. However, some lenders may choose to require a down payment if you have a low credit score.<\/span><\/p>\n The easiest way to determine if you\u2019re eligible for a VA loan is to obtain your Certificate of Eligibility (COE). This document tells you if you qualify and how much of your entitlement you have remaining. You must also ensure that you\u2019re eligible for a VA loan through a lender by meeting all of their requirements. Requesting your COE by mail from the VA can take six months. Since time is of the essence when you\u2019re purchasing a home, Griffin Funding can help you streamline the process of obtaining your COE.<\/p>\n However, if you\u2019re not quite ready to begin the application process, you can request your COE<\/a> from the VA online or by mail.<\/p>\n After you obtain your COE and have determined your eligibility, you can work directly with your lender to ensure you meet their lending requirements. The lender will request the VA appraisal of the property and review all of your financial information to determine whether to accept your application.<\/p>\n The VA loan was designed to help eligible borrowers who have served our country secure financing for a home. A few benefits of this program include the following:<\/p>\n Take charge of your financial wellness and achieve your homeownership goals \n
<\/p>\n\n
Griffin Funding is dedicated to providing our customers with unparalleled service and the most favorable terms.<\/h3>Get Started<\/a><\/div>\n
Do VA Loan Benefits Expire?<\/h3>\n
VA Home Loan Requirements<\/h2>\n
<\/p>\nVA Minimum Property Requirements<\/h3>\n
\n
Property Type<\/h3>\n
Credit Score<\/h3>\n
Income<\/h3>\n
Loan Limits<\/h3>\n
Down payment<\/h3>\n
With a simple 10-step mortgage process, Griffin Funding strives to make applying and securing a home loan easy, transparent, and quick.<\/h3>Get Started<\/a><\/div>\n
How to Determine Your VA Loan Eligibility<\/h2>\n
Why Take Out a VA Loan?<\/h2>\n
<\/p>\n\n
Download the Griffin Gold app today!<\/h3>
\r\nUse invitation code: GRIFGOLD<\/b> to register.<\/p>
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