If you’re thinking about buying a condo or loft in DTLA using a VA home loan, here’s what you need to know about qualifying.
VA Loan Requirements
The VA has very specific requirements on who can qualify for this type of loan. Here’s a quick run-down – ask yourself these questions:
- Are you active duty? Have you served for at least 90 continuous days?
- Are you a veteran who has 90 to 181 days of continuous service?
- Are you a reservist or National Guardsman who has at least 6 years of service?
- Have you received an honorable discharge from the military?
- Are you the surviving spouse of a veteran or service member who died as a result of military service, or because of a service-connected disability, and you haven’t yet remarried?
- Are you the unmarried spouse of a service member who’s missing in action or who is a prisoner of war?
If you answered yes to one of those questions, you could qualify for a VA loan. Your next step is to contact the VA and ask them for a letter of eligibility, which you can take to a lender to begin the approval process.
You will still have to meet that lender’s requirements as far as credit scores and debt-to-income ratio, but as long as everything checks out and you have steady income with which to pay your mortgage, you should be good to go.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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