To be eligible for a VA home loan, the veteran must meet certain requirements. To purchase or cash out refinance, the money must be used for a home in which the veteran or their spouse currently reside. The veteran must have satisfactory credit, a valid Certificate of Eligibility from the VA, and proof of sufficient income to meet the monthly obligations.
The IRRRL program is only appropriate if the veteran currently has a VA loan. This program is designed to help the Veteran obtain a lower interest on their home and reduce their monthly payment.
The NADL program is only for Native American veterans and is used to construct, purchase, refinance, or improve a home which is located on Native American Trust lands. In order to be eligible, the veteran must be a member of a tribal organization participating in the VA Direct Loan program. The veteran must also have a valid Certificate of Eligibility from the VA.
The Adapted Housing Grants are available to all veterans with a permanent and complete service-connected disability. The money may be used to help the veteran obtain suitable housing which can accommodate their disability.
The VA loan program is one of the best benefits available to veterans, however the veteran must be able to prove their service. They will then receive a Certificate of Eligibility from the VA which they can then take to their lender.