Is there a VA home loan guarantee program and how do veterans qualify?

Yes, there is a VA home loan guarantee program available to veterans in Washington. This program provides veterans with home loans with little or no money down. To qualify for the VA home loan guarantee program, veterans must meet certain eligibility requirements. Generally, they must be an active duty veteran, a veteran honorably discharged or retired, or a Reserve or National Guard member who has been activated for at least 90 days during a wartime period. Additionally, they must be able to show that they have sufficient income to make the mortgage payments. Once eligibility is determined, the veteran then needs to get a Certificate of Eligibility which is provided by the Department of Veteran Affairs. This certificate can be obtained by filling out and submitting VA Form 26-1880. The VA also requires veterans to receive a VA home loan credit score of about 620. This means a veteran must demonstrate an ability to maintain a reasonable amount of credit in order to be eligible for the loan. Once all these requirements have been met, the veteran can begin the process of applying for a VA home loan. The VA will guarantee the loan so that lenders are more likely to offer more favorable interest rates, meaning veterans can purchase a home with more reasonable monthly mortgage payments.

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