Obtain Your VA Eligibility Form
Apply For Your VA Eligibility Form To Start The VA Loan Process
Whether you have served the country by land, sea, or air, one of your benefits is access to the VA home loan. At a time when most loans require down payments, having access to a low interest loan that requires no down payment can give you a running start on your civilian life or enhance your living situation while you are on active duty. Obtaining your VA eligibility form is the first thing you need to do to get started on the path of homeownership.
To confirm your service and show lenders that you are eligible for these much sought-after loans guaranteed by the US government, you need a DD 214 Proof of Military Service and a Certificate of Eligibility (COE). The VA eligibility form, as well as the DD 214, are available online but it may take you several weeks to receive them. Smart Veterans work with Capital Bank, N.A. to access this crucial bit of paperwork, as approved lenders have access to the VA database and can often obtain the form for you.
What Makes You Eligible For A VA Loan
When you apply for a VA loan, you have two major criteria to meet. First, you must obtain the VA eligibility form that shows whether you can even be considered for this type of loan. Second, you must qualify for the loan based on your credit history, income, and other common criteria that show you are able to repay the loan to the lender.
Obtaining the VA eligibility form should be a snap for most Veterans, but there are other ways to qualify for eligibility.
Many of the eligibility requirements are fairly well-known:
- You are a current service member, a Veteran, a National Guard member or reservist, or the surviving spouse of a Veteran.
- If you are claiming spousal benefits, you must not have remarried.
- If you are a current service member you must have served 90 days
- If you are a Veteran, you must’ve served 90 days during wartime are 181 days during peacetime
In addition, there are oft-forgotten ways to determine eligibility. You may also be able to obtain a VA eligibility form if you were discharged because of:
- At the government’s request
- Reduction in force (RIF)
- Certain pre-existing medical conditions
- Service related disabilities
If you’re not sure if you meet the requirements, Capital Bank, N.A. can examine your circumstances to help you establish your eligibility.
Qualifying For A VA Loan
A VA loan is backed by the government, but is issued by a lender that has its own set of rules to follow to make sure that the loans they issue are low risk. Both government and lender policies acknowledge that while homeownership is a desirable goal, having Veterans in over their heads and unable to pay loans is not.
Therefore, lenders look for evidence of financial stability, in the form of a stable job that pays enough to make the mortgage and a credit history that indicates a pattern of responsibility. They want to see potential borrowers who’ve made on time payments for the last year as an indication they will be responsible in the future. Anyone could have a period of financial difficulty, but underwriters want to see that you have worked past the bad times and resumed a pattern of good payment habits.
Credit Problems That Could Be Problematic
What type of credit problems could work against you in getting the loan?
- Late mortgage payments
- No credit history
- Chapter 7 or Chapter 13 bankruptcy
- Collections, judgments, and federal debts
- Participation in a consumer credit counseling program
Capital Bank, N.A. will work with you to determine the degree to which blips on your credit history may impact your ability to obtain and repay a VA loan. If you have reestablished good credit, you may still be eligible for a VA loan. Or, we may suggest that you wait and apply after taking some proactive steps to repair your credit. Even though you might be impatient to become a homeowner, showing a few months of on-time payments may put you in better shape to get the loan, and qualify for a more favorable interest rate.
Getting Started With Preapproval
Once you have your VA eligibility form in hand, Capital Bank, N.A. can guide you through the prequalification process for your loan. You can get started by completing the online form on our website or by calling one of our expert financial representatives at (866) 216-3577. We will gladly answer any questions you have, as well as work with you to help you meet your home owning goals.