Buying in Pueblo: When Are Veterans Eligible for a VA Home Loan?

Applying for a Pueblo VA home loan is a wonderful way to finance the purchase of a new home. However, not everyone can qualify for the loan. If you do, you’ll likely end up getting a better deal on the loan than you would with a traditional mortgage. So, when do veterans qualify?

You’ve Served the Right Amount of Time

In Pueblo and elsewhere, a VA home loan is only meant for current members and veterans of the armed services. To qualify, you must meet a minimum amount of days in-service. During wartime, veterans must have served for a minimum of 90 consecutive days on active duty. During times of peace, you must have served at least 181 days on active duty or spent a total of 6 years in service in the National Guard or Reserves.

If you haven’t hit those service marks, you’ll need to wait until you do to qualify for the loan. Otherwise, you’ll have to settle for a traditional mortgage to finance a new home purchase.

You Must Get a Certificate of Eligibility

Every veteran looking to apply for a Pueblo VA home loan is required to present a Certificate of Eligibility before they can qualify for the loan. The Certificate is issued by the Department of Veterans’ Affairs and shows that you officially meet all service requirements for the loan. Most lenders familiar with VA loans are able to request the Certificate for you as part of your application. However, you can always speed things up by requesting the Certificate yourself through the eBenefits portal online.

Is a Pueblo VA Home Loan Right for You?

If you qualify for a VA home loan, it’s well worth applying and getting quotes from multiple lenders. Once you have those quotes, you can compare your options and see which lender offers you the best rates and loan amount. If you’re not sure that a VA loan is right for you, request quotes for standard mortgages as well. This will help you make an informed decision one way or the other.