Mortgages article: VA Eligibility

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As a veteran, your basic VA eligibility for a VA home loan is based on your service and discharge. Depending on what VA loan eligibility benefits you have already received, or whether you have received any VA benefits at all, your eligibility for certain programs may be more or less limited. The only real way to determine VA eligibility is to understand something about basic VA lending information and then work with a knowledgeable VA lender to learn more about VA loan program guidelines.

Tell Me About VA Loan Eligibility

If you are a veteran of any of the armed services who was honorably discharged, you qualify for VA loan eligibility. If you were discharged or separated from service in anything qualified other than 'Honorable', you may or may not qualify.

A specialist in VA home loans can often help you determine your VA eligibility and will use the ACE system (accessible only through a VA lender) to help prove your eligibility. Even if you've lost VA eligibility documents (such as your discharge papers) a VA expert lender can help guide you through the process of proving eligibility. If your VA eligibility is in question, the same expert can walk you through the VA loan program guidelines to determine the likelihood of qualifying, and then point you to more a more localized expert to get a firm ruling.

Tell Me About VA Loan Program Guidelines

Once you know whether or not you are eligible for VA home loan benefits, you will still have to prove your actual mortgage or VA loan eligibility. Being a veteran qualifies you for the benefits available to qualified veterans, but does not qualify you for a home loan. Your credit worthiness and debt to income ratio, among other factors, such as employment and ability to repay the loan, are what determines your approval for a loan under VA loan program guidelines.

Even approved veterans with VA loan eligibility (both service and credit-worthy eligibility) will only qualify within the limits of the VA loan program guidelines. These limits are set based on loan amount and are not really related to the eligibility of the individual. The current VA home loan program guidelines are

• Guarantee of up to 25% of home loan up to 104,250
• Maximum VA home loan of $417,000
• Increased limits for HI and AK—25% up to 156,375 and maximum loan amount of 625,500

Tell Me Where To Get More VA Lending Information

Although the eligibility and program guidelines are somewhat confusing, they are not meant to deter you, only to help you understand what you can and cannot do within the VA home loan program guidelines. Of course, you are not expected to be able to decipher all eligibility requirements on your own, and that is why there are experts who can help guide you through the New York VA home loan process (or, if you reside elsewhere, through the VA process for all U.S. states).

The U.S. and New York VA home loan process is not especially difficult, but navigating it successfully and enjoying the maximum benefits of the program does require the help of a VA home loan specialist. Such dedicated professionals know nearly everything there is to know about VA eligibility, at least to the furthest extent possible for those outside the VA offices, and will happily assist you as you seek to obtain the benefits of service you so rightly deserve.

About the author of VA Eligibility

This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.