For Veterans: The minimum active-duty service requirements depend on when you served.
Gulf War Period to Present:
You meet the minimum active-duty service requirement if you served for:
At least 24 continuous months, or The full period (at least 90 days) for which you were called or ordered to active duty, or
At least 90 days if you were discharged for a hardship, or a reduction in force, or less than 90 days if you were discharged for a service-connected disability.
Active-duty military members, veterans, and some surviving spouses may be eligible for a VA loan.
The property being purchased must be the buyer’s primary residence.
The buyer must have a valid Certificate of Eligibility (COE) from the VA.
The buyer must have a satisfactory credit score, although no minimum score is allowed in some cases.
The buyer must meet the VA’s debt-to-income requirements.
The property must be livable, meaning all systems and components work, such as HVAC, plumbing, electrical, and no roof leaks.
The buyer must pay a funding fee, which can be financed into the loan.
An appraisal from a VA-approved appraiser is required, which the lender will order.
There are closing costs, however, those costs can be paid by the seller or by a lender credit. Your out of pocket could be as little as $650.
You can buy a house for your spouse and/or dependent child to live in while you are deployed.
You may be eligible for an IRRRL if you meet these requirements:
You already have a VA-backed home loan, and you’re using the IRRRL to refinance your existing VA-backed home loan, and you can certify that you currently live in or used to live in the home covered by the loan.
* Lower your payment
* No Appraisal is needed
* No cash out of pocket—and, I may even be able to get you up to $500 cash-out at close.
* Mortgage only credit check, meaning we only check to make sure you have not recently been 30-days late on your mortgage payment.
* No minimum credit score
I have been a Loan Officer for 23-years and always puts my clients first and my goal is to get you a great interest rate and reduce your out of pocket. I am a retired Firefighter/Paramedic and my Dad served in WW2
Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
FYI- IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.’
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
Dan’s Licensing: NV MLD 45649, CO-100516554 CA-DFPI313289 NMLS 313289
All Western Mortgage, 8345 W Sunset Rd #380 Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)
Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate.