What is the VA occupancy requirement?
VA loan occupancy requires that the veteran move into the home within a “reasonable time.” But what does that mean? The VA requires that the borrower move into the home within 60 days after the VA loan closes. As you’ve read, there are exceptions to that rule.
Why does the VA require nearest living relative?
The VA requires all mortgage applicants to furnish a form designating a “nearest living relative”. It’s not a standardized, official VA form but rather a letter or lender generated form stating who the veteran’s family contact is in case the VA has lost touch with the borrower.
What are the VA requirements?
Who Qualifies For A VA Loan?
- You’ve served 181 days of active service during peacetime.
- You’ve served 90 consecutive days of active service during wartime.
- You’ve served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.
Can nearest living relative be a spouse?
Under Section 26(6), partners who have been living together for over 6 months, as husband or wife, or civil partner, are considered the ‘nearest relative’.
What is the VA not inspected Acknowledgement?
Whether the builder is providing a one-year warranty or a ten-year protection plan, the borrower must execute a written acknowledgment stating, in essence, that he is aware that the VA did not inspect the property during construction and that there are limitations (or prohibitions) with the VA’s assistance with …
Why does my VA Certificate of Eligibility say $36 000?
The $36,000 figure many see on their Certificate of Eligibility (COE) refers to a portion of entitlement known as “basic”. This is the VA’s maximum guarantee for loans up to $144,000.
How many years do you have to serve to be a veteran?
20 years
Now, under the new law, anyone eligible for reserve component retirement benefits is considered a veteran, said Krenz. “Anyone who has reached 20 years of service, even if they were never activated on a [federal] order for more than 180 days outside of training, will now be considered a veteran,” he said.
Can you make too much money to qualify for VA benefits?
If your health care eligibility is based on financial need, your family net worth (over $80,000) can prevent you from qualifying for VA health care.