Attention Veterans: Are you sure you are eligible for a Veteran Loan?
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.
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.
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