original article published at www.woodbridgemortgagenews.com
Mr. Veteran found me, "Your FHA/VA Lender" on the web and called for an appointment to discuss his situation. After review, Mr. Veteran had great income, but needed some "credit updates". So over the next 90 days with our guidance we raised Mr. Veteran's score from 579 to 627 an acceptable score for a No Money Down Veteran Home Loan. During our time of credit updating, we also gathered income, and Veteran- specific paperwork such as a copy of his DD214. He even had an original Certificate of Eligibility issued in 2007.
Fast forward three weeks, contract ratified, appraisal done, and conditional underwriting approval, but the loan did not close because the Veteran was not eligible for a Veteran Home Loan. After two attempts to update the certificate of eligibility through the electronic system. We mailed the required forms to VA only to be mailed the bad news.
Dear Mr. Veteran,
After review of our records you are not eligible for a VA Loan due to lack of service time. Your records indicate twenty months we require 24 months with honorable discharge.
After review of our records you are not eligible for a VA Loan due to lack of service time. Your records indicate twenty months we require 24 months with honorable discharge.
Veterans before start your home search make sure you are eligible for a Veteran Home Loan. Here is a form to submit for an updated Certificate of Eligibility. Need Help, get your questions answered from a VA Loan Expert call Markita Woods (703)497-3936.
Mr. Veteran is still working with the Veterans administration trying to clear up the eligibility issues .According to the Veteran, he did serve more than 
twenty four months and recieved an honorable discharge. And just to add insult to injury he had also been issued two Certificates of Eligibility in the last ten years...
twenty four months and recieved an honorable discharge. And just to add insult to injury he had also been issued two Certificates of Eligibility in the last ten years... A veteran buyer with an outdated Certificate of Eligibility is not eligible for a VA Loan, after all...go figure
In summary - Veterans need to serve at least two years with honorable discharge for VA Home Loan Eligibility.
In summary - Veterans need to serve at least two years with honorable discharge for VA Home Loan Eligibility.
