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Getting a VA loan before deployment
What you'll learn: The extra challenges associated with getting a VA loan while deployed.
EXPECTED READ TIME: 3 MINUTES
Published: March 22, 2024
If you’re a servicemember interested in setting down roots and becoming a homeowner, a VA loan is a great option. Guaranteed by the U.S. Department of Veterans Affairs, this type of mortgage offers a long list of benefits to aspiring homebuyers who qualify.
If you’re an active-duty military member you may be wondering if it’s possible to secure a VA home loan before you’re deployed or during a deployment. It is possible to get a VA loan before and during military deployment. Thanks to remote capabilities, it’s easier than ever before. However, that doesn’t mean it’s a walk in the park either.
In this article, we’ll explore how active-duty personnel can buy a home even if they’re a continent away.
What do you need to qualify for a VA loan?
The first step to securing a VA loan is ensuring you meet the VA’s eligibility requirements. If you fall into one of the following categories, you may qualify:
- Veteran
- Active-duty personnel
- Member of the Reserve
- Member of the National Guard
- Surviving spouse
It’s important to note that along with the type of service, you must also meet the length of service requirements, including: 2 years on active duty, 90 days of wartime duty, 181 days of peacetime service or 6 years in the Reserve or National Guard. For a more detailed list of the eligibility requirements, you can visit the U.S. Department of Veteran’s Affairs website.
The best way to confirm you meet the VA loan service requirements is by obtaining a Certificate of Eligibility (COE) issued by the VA. A COE is the document you’ll be required to provide to your VA-approved lender, proving you’ve met the initial service qualifications for your loan. There are a few ways to apply for a COE, including:
- A VA-approved home loan lender
- The VA eBenefits portal
- VA Form 26-1880, which you can fill out and return by mail
Pre-qualification vs pre-approval: Which should you prioritize?
Though the terms sound similar, there are a few key differences between mortgage pre-qualification and a pre-approval. Both relate to your status prior to obtaining approval for a home loan. However, pre-qualification is a less involved process — the financial information is self-reported and it gives you an idea of whether or not you qualify for the loan, an estimate of how much you can borrow, and your potential interest rate. Obtaining pre-approval, on the other hand, involves a deeper review of your finances by your lender and proves they are willing to move forward with your financing. (Even if it’s not an official loan approval.)
The biggest difference between pre-qualification and pre-approval is the weight they hold in the mortgage process. Pre-approval is proof to real estate agents and sellers that you are a serious homebuyer.
How to get a VA loan while deployed
There’s a lot to juggle when you’re preparing to buy a home, and it can be especially difficult for active duty servicemembers to handle on top of their service requirements. That said, it’s entirely possible for deployed military members to purchase their dream home with a VA loan thanks to the internet. You’ll be able to research potential homes, take virtual tours, and handle submitting important documents to your lender as long as you have a solid internet connection and WiFi capability.
However, there is one hurdle that your deployment location may create — the VA loan residency requirement. In order to qualify for a VA home loan purchase, you must live in the home for 12 consecutive months. Obviously, this can be difficult if you’re deployed overseas. Luckily, deployed servicemembers can be given temporary duty status that allows them to automatically meet the occupancy requirement.
It can be tricky to navigate the homebuying process when you’re not physically present. However, there are steps you can take to help you secure your dream home:
- Get your COE.
- Find a VA-approved lender.
- Hire a trustworthy real estate agent.
- Pick a home with the help of your agent, family, and friends.
Of course, these steps are a simplified overview of the loan approval and homebuying process. As you move forward with acquiring your VA loan, one thing to keep in mind is granting someone you trust the power of attorney (POA). You’ll require the assistance of an attorney, but in many cases, military personal will grant POA to a spouse. This way, your spouse can perform tasks like signing paperwork on your behalf.
Don’t give up!
A VA loan can put your dream of homeownership within reach, regardless of your deployment status. While there may be some hurdles, it’s entirely possible to purchase a home during deployment. Be sure to research all of your options and remember that your lender will be able to assist you through the entire process.
SIMILAR ARTICLES
What Are the Benefits of a VA Loan?
From low down payments to easier credit qualifying, learn 10 benefits of mortgages backed by the U.S. Department of Veterans Affairs (VA).
The VA Loan Process Step-by-Step
Learn the steps to the entire VA loan process, from eligibility to choosing an approved lender, to closing and everything in between.
Top 10 Reasons to Consider a VA Loan from a Credit Union
The best mortgage lenders for veterans can be credit unions. For competitive IRRRL rates, low VA mortgage interest rates & fees, go to a credit union.
Homebuying Advice: VA Loans
Learn how VA loans work, eligibility requirements, finding a lender, and advice to guide you through the process.
Home Buying Steps
Mortgage Products
Disclosures
1Conventional Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
2FHA Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.0 discount point, which equals 1.0 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 96.5%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
3VA Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 1.125 discount point, which equals 1.125 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $450,000; loan-to-value ratio of 95%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of $995.
4Jumbo Loans
Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 0.625 discount point, which equals 0.625 percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, non-conforming, fixed-rate loan. Loan amount of $1,009,000; loan-to-value ratio of 70%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1%; not to exceed $1,995. Speak to a PenFed Mortgage Loan Officer for additional details.
Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Advance Period. During your Advance Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.
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