View Full Version : V.A loan qualifications
jayeman510
08-31-09, 10:16 PM
i have a question about the V.A loans and what qualifications are needed once you become a Marine? and if having good credit is needed? can you still apply for a loan if your in the reserves? thanks in advance
0231Marine
09-01-09, 07:15 AM
I can't answer the reserves question but regarding the other part, as soon as you graduate bootcamp and earn the title, you're eligible for the VA Loan. Yes, your credit score plays a factor like any other loan, especially now with this economic environment. If you've got a low credit score, your % rate is going to be higher for the loan. If you've got a good credit score, you'll get a better % rate.
Also keep in mind that if someone co-signs like a spouse, they'll evaluate their score as well and both of you will need to meet the same criteria to rate a decent % rate.
I know all of this because the wife and I just built a house and I used my VA Loan for it. They had very good rates if you qualify so it's something you're going to want to look at doing but make sure you shop around too because you may find something better.
I can't answer the reserves question but regarding the other part, as soon as you graduate bootcamp and earn the title, you're eligible for the VA Loan. Yes, your credit score plays a factor like any other loan, especially now with this economic environment. If you've got a low credit score, your % rate is going to be higher for the loan. If you've got a good credit score, you'll get a better % rate.
Also keep in mind that if someone co-signs like a spouse, they'll evaluate their score as well and both of you will need to meet the same criteria to rate a decent % rate.
I know all of this because the wife and I just built a house and I used my VA Loan for it. They had very good rates if you qualify so it's something you're going to want to look at doing but make sure you shop around too because you may find something better.
Good info 0231....The bottom line for any Marine who is looking to buy a home, whether using conventional or VA, is to do the research and shop for the best rates. My Wife is a Real Estate broker and with the economy the way it is, there are a lot of government backed loans avail now and VA isn't always the way to go. For first time homebuyer's there are USDA and FHA loans that also provide the ability to finance 100%.
In addition, if you are a first time homebuyer, utilize your resources at Family Services and attend home buying classes. There is a wealth of knowledge out there. Use it.
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