Which of the following is required for a veteran to secure a VA guaranteed loan quizlet?

Which of the following is required for a veteran to secure a VA guaranteed loan?

To apply for a VA loan, you must either have served at least 181 days on active military duty during peacetime, served at least 90 days on active military duty during wartime, served at least six years as a National Guard or Reserves member, or be married to someone who died while serving or who died of injuries …

Which of the following is required for a veteran to receive a VA loan quizlet?

Having a certificate of eligibility (COE) is a requirement to obtain a VA loan. You must file a DD Form 214, submit your annual retirement points statement, file NGB Form 22 or 23, or acquire a COE from a commanding unit or higher as proof to obtain your COE.

What must veterans obtain which shows they are able to obtain a VA loan and states their available loan guarantee entitlement quizlet?

Entitlement is the amount a veteran may have available for a guaranty on a loan. An eligible veteran must still meet credit and income standards in order to qualify for a VA-guaranteed loan. A Certificate of Eligibility (COE) is the only reliable Proof of Eligibility.

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What are the requirements for a VA loan?

What are VA loan eligibility requirements?

  • You’re currently on active military duty, or you’re a veteran who was honorably discharged and met the minimum service requirements.
  • You served at least 90 consecutive active days during wartime or at least 181 consecutive days of active service during peacetime.

Do you need orders for VA loan?

In order to apply for a VA loan, you must obtain a Certificate of Eligibility from the Department of Veterans Affairs. … In addition to receiving a certificate of eligibility for a VA loan, the property you purchase must meet certain requirements in order to be VA loan eligible.

What is the required down payment for a VA guaranteed loan quizlet?

25% of the value or sales price of the property, whichever is less. So in an area where the current maximum guaranty amount is $104,250, most lenders will not lend more than $417,000 without some kind of downpayment. A veteran can, of course, obtain a larger loan if he makes a downpayment.

What is the meaning of 203 K?

An FHA 203(k) loan is a type of government-insured mortgage that allows the borrower to take out one loan for two purposes: home purchase and home renovation. An FHA 203(k) loan is wrapped around rehabilitation or repairs to a home that will become the mortgagor’s primary residence.

What does a borrower applying for a VA loan need to complete the loan application quizlet?

A potential borrower who is applying for a VA loan will need a certificate of eligibility and discharge papers to complete the loan application. ACE is an automated system used by lenders to obtain an online certificate of eligibility.

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Is a DD214 required for a VA loan?

Veterans looking for a VA loan will often need to provide lenders with a copy of their DD Form 214 as proof of service. … Lenders can use the DD-214 to obtain your Certificate of Eligibility, which formally documents your eligibility for the home loan benefit.

What is required for a VA home inspection?

The VA appraisal process requires all mechanical systems in the home to be of adequate size and power to fully service the property they are installed in; if an HVAC system, for example, is not strong enough to properly heat and cool the entire property, it would not “pass” the appraisal and corrections (plus a …