{"id":18162,"date":"2010-03-30T20:36:37","date_gmt":"2010-03-30T20:36:37","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=18162"},"modified":"2010-03-30T20:36:37","modified_gmt":"2010-03-30T20:36:37","slug":"how-to-determine-va-mortgage-eligibility","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/how-to-determine-va-mortgage-eligibility\/","title":{"rendered":"How To Determine VA Mortgage Eligibility"},"content":{"rendered":"

\"\"Honorably discharged veterans\u00a0during World War II and later\u00a0are eligible for VA loan benefits<\/a>. Veterans with at least 90 days of service and who served during :\u00a0 World War II\u00a0to\u00a0 Korean conflict\u00a0 and Vietnam era\u00a0are eligible. Serving during peacetime would require 180+ days of active service.\u00a0 Since about 1980 though the requirement has moved to 2 yrs of service in most cases.<\/p>\n

Although the VA does not<\/strong> require a certain minimum credit score most lenders want to see a 620 credit score<\/a>.<\/p>\n

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit who they will lend to.<\/p>\n

Since early 2010, most VA lenders in the U.S. have tightened their lending and credit score requirements, making home financing harder to come by for those with credit issues or other criteria that makes their loan more risky.<\/strong><\/p>\n

As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is a VA loan. Major lending groups have generally resolved to set the minimum credit score requirement at 620.<\/p>\n

To learn more about this, our article Credit Score Requirements For VA Mortgages <\/a><\/strong>is a great place to start.<\/p>\n

There are three specific pieces of documentation a lender will need to determine your eligibility<\/a>:<\/p>\n