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How To Determine VA Mortgage Loan Eligibility

US Veteran Qualified for a VA Home Loan Through Maple Tree FundingMany veterans are eligible for VA mortgages which usually have more favorable terms than conventional mortgages, as the Dept. of Veterans Affairs (VA) guarantees a portion of the loans.

Determining eligibility early in the search for a new home will help you better determine how much home you can afford, as you’ll be able to take advantage of specific home loan programs not available to the general public.

VA Mortgage Eligibility Requirements

To determine eligibility, first keep in mind that the basic items needed to qualify for any mortgage still apply when applying for a VA home loan. These are:

  • A credit score that fits the lender’s standards
  • Adequate income that allows you to repay the mortgage

In addition, veterans will need a valid Certificate of Eligibility (COE) To obtain this, you must meet the service requirements shown on the US Department of Veteran Affairs website.

Veterans must meet other eligibility requirements as well. To see the entire list of VA mortgage eligibility requirements, please refer to the home loans eligibility section on the US Department of Veterans Affairs website.

Securing a VA Mortgage Through Maple Tree Funding

If you do qualify for a VA mortgage and would like to apply, you can start right now by filling out a quick application on the VA mortgage section of our website. If you do not, we also offer a variety of other loan programs and options. We can work with you to determine which loan option best suits your needs and guide you as you work to obtain that loan and purchase your new home.

Based in Albany and Glens Falls, we work with home buyers – including veterans – throughout all of New York State. We are proud to provide competitive loan options in order to make it possible for those who have served and protected our country to achieve the American dream of owning a home of their own.

Give us a call today at 518-782-1202 or contact us online to learn more about the VA loan options we offer or to schedule a meeting with one of our licensed mortgage loan originators.

Posted in Government Mortgages on Monday, October 6, 2014 by Shane Latza