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If you're a veteran, then you may qualify for a VA loan. They are issued by private lenders and help veterans purchase a home. VA loans began in 1944 when soldiers were returning home from the war. The idea was to increase home ownership without veterans needing a down payment for a property. Today, VA loans are still popular and for many they're a lifeline. Here's how to see if you qualify for one and what it means.

Regulations and Fees

All VA loans are guaranteed by the Department of Veterans Affairs which protects the private lenders from losses. It means they can offer loans with better regulations, but some still apply. In most states, veterans can buy a home for up to $453,000 with no down payment. However, recent changes mean that people can buy higher value houses if they have a down payment.

There is a VA funding fee to ensure the program can continue for future generations. Veterans with disabilities from service are exempt from the fee, but most will have to pay a small percentage of the loan. First-time users will pay 2.15% but if you've accessed a VA loan before then you'll pay 3.3%.

In order to qualify for a VA loan, you must meet some strict requirements. These include:

● Served during wartime in an active capacity for a minimum of 90 days.

● Served in an active duty capacity in peace time for 181 days.

● Been a Reserve or National Guard for six years.

● You are no longer serving, but were honorably discharged. It's important to note that dishonourable discharges mean people aren't eligible for a VA loan. These occur when a crime is committed, or behavior unacceptable of the US Armed Forces occurs.

● You are the spouse of a military official who passed away during active duty or due to an illness or disability which occurred from service.

Income Requirements

There aren't any minimum requirements, but people that receive VA loan must prove they have a consistent income. This is because you need to prove you can pay for the monthly mortgage payments. It also factors residual income in, which covers household costs. This includes transportation, clothes, food and leisure activities. If you cannot prove that you have enough money to cover the mortgage payments then you might not be awarded the VA loan. However, a positive of this is, families are likely to save more to meet the requirements, which means less foreclosures.

Further Requirements

In order to complete the application process, you need to obtain a Certificate of Eligibility. However, you don't need one when you start the process, so it's advisable to begin while you wait for the certificate. The VA decides if you're eligible for the loan, but private lenders have their own set of requirements.

Each company you contact will inform you of their requirements and enable you to decide if they are the right lender for you. Some have stricter rules than others, but they like to check your credit score and see what debt you have.

VA Loan Specialists

If you want support and guidance in the VA loan process, there are specialists that can help. They can obtain a Certificate of Eligibility on your behalf and provide a list of lenders for you to choose from. There are also plenty of online resources which compare VA loans by minimum credit rating, so look around before you choose. Remember, lenders have some strict requirements so make sure you've kept up to date with payments over the last 12 months. Any late payments on loans, rent and credit cards will impact your eligibility for a VA loan.

VA loans are there to make life easier, so do some research and enjoy purchasing a home without a down payment.