VA Home Loans in Fairbanks Alaska

VA home loans are mortgages backed by the U.S. Department of Veterans Affairs. It is intended to assist qualifying veterans, active-duty service personnel, and surviving spouses in becoming homeowners. VA home loans are offered by private lenders. The VA guarantees a portion of the loan, allowing the lender to provide the borrower with more advantageous terms.

Home loans offered by the VA can be used for any of the following: purchasing, building, improving, or refinancing a home. Borrowers who meet the criteria for eligibility still need to have the minimum credit and income requirement necessary for the loan amount they wish to take out.

Qualification Requirements of a VA Home Loan

Multiple active duty service requirements must be met to qualify for a VA home loan, and these requirements vary depending on the length of time served.

If you served between August 2, 1990, and to present, you must have either: 

• At least 24 consecutive months of service, the entire period (of at least 90 days) for which you were called or ordered to active duty, or you must have served for the whole time you were called or ordered to active duty;
• At least ninety days if you were discharged due to a reduction in force or a hardship; 
• At least ninety days if you were discharged due to a hardship or a reduction in force. Less than ninety days if you were discharged due to a service-connected disability.

If you served between August 8, 1980, and August 1, 1990, you have met the minimum active-duty service requirement if you served for:

• At least 24 months in a row, or; 
• The full-time you were called to active duty (at least 181 days) or;
• At least 181 days if you were let go because of a hardship or a cut in force. Less than 181 days if you were let go because of a service-related disability.

For complete eligibility requirements about VA home loans, visit the VA housing assistance page. 

Qualifications for a VA-backed mortgage loan include good credit, regular income, and a current Certificate of Eligibility (COE). Moreover, one must be the primary occupant of the dwelling.

For a home to be eligible for a VA loan, it must meet the VA Minimum Property Requirements (MPRs) set forth by the Department of Veterans Affairs. The property’s safety and condition depend on your compliance with these regulations.

Apply For A Fairbanks VA Home Loan

At Capital Home Mortgage, we aim to simplify the application process. We handle your application from beginning to end and assist you in locating the most suitable loan program for your needs. Direct mortgage lending allows us to provide competitive interest rates and low fees. Call us at (907) 531-5048 and get your VA loan today.

Mortgages backed by the U.S. Department of Veterans Affairs are known as VA loans. It is designed to help eligible veterans, active-duty service members, and surviving spouses buy homes. Private lenders provide VA home loans. A portion of the loan is secured by the VA, enabling the lender to offer the borrower better terms.

The VA provides house loans that can be used for any of the following: buying, constructing, remodeling, or refinancing a home. Even if a borrower meets the qualifying requirements, they still need to fulfill the minimum income and credit requirements for the loan amount they want to take out.

VA Home Loan Qualification Requirements

To be eligible for a VA home loan, you must fulfill a number of active duty service requirements, and these requirements change based on how long you were on active duty.

Depending on when you served, between August 2, 1990, and the present, you had to have:

a minimum of 24 consecutive months of service, a minimum of 90 days during which you were summoned or ordered to active duty, or a minimum of 24 consecutive months during which you served;
if you were let go owing to a hardship or reduction in force, at least 90 days;
if you were let go owing to hardship or a decrease in the force, at least ninety days. if your discharge was brought on by a disability related to your service, less than 90 days.

If you served between August 8, 1980 and August 1, 1990, you have satisfied the minimal amount of active-duty service requirement if you did any of the following:

At least 181 days if you were released due to hardship or a reduction in force, or at least 24 consecutive months if you were called to active duty. Less than 181 days if you were fired due to a disability acquired while serving.

Visit the VA housing assistance page for a detailed list of requirements for VA home loans.

A current Certificate of Eligibility, solid credit, and regular income are requirements for a VA-backed home loan (COE). Additionally, the residence’s primary occupier must be the applicant.

A home must satisfy the VA Minimum Property Requirements (MPRs) established by the Department of Veterans Affairs in order to qualify for a VA loan. Your adherence to these rules will determine the safety and condition of the property.

Apply for a VA mortgage in Fairbanks Alaska

The application procedure is intended to be made simple at Capital Home Mortgage Fairbanks. We manage your application from start to finish and work with you to identify the best loan package for your requirements. We can offer cheap costs and reasonable interest rates thanks to direct mortgage lending. Contact us at (907) 531-5048 to apply for an Fairbanks Alaska VA loan right away.