If you are planning to apply for a VA home loan Ventura, CA, the very first thing you need to do is to find out whether you are eligible or not. If your answer to any of the following questions is YES, then you are most likely to be eligible to apply for this type of home loan.
- Have you served 90 consecutive days of active service during wartime?
- Have you served 181 days of active service during peacetime?
- Have you served 6 years or more in the National Guard or Reserves?
- Are you the spouse of a service member who died in the line of duty or as a result of service-related disability?
Again, if your answer to any of the above questions is YES, you are most likely qualified for VA home loan.
Note: A veteran applying for a VA home Loan must not have been discharged under dishonorable conditions.
Certificate of Eligibility
Though your COE is not needed as you are starting with your loan process, it is an important part of your loan application as it verifies your eligibility for VA home loan based on your length and character of service. Usually, the process of obtaining your COE takes only minutes to complete.
VA loan income requirements
There is no specific income threshold required for homebuyers interested in VA home loan Ventura, CA; but, borrowers are expected to have a stable and reliable income that will cover the monthly expenses – yes, that includes the new mortgage payment.
Borrowers are required to maintain a certain amount of income each month called residual income – the excess amount meant to cover typical family needs such as food and transportation.
Advantages of a VA loan
VA home loan has several advantages, including the following:
- It can be obtained without any down payment
- It does not require mortgage insurance
- You do not have to save all the money you would have to save for a conventional loan
- It offers more competitive interest rates
- No pre-payment penalty