Do employers care about military service?

Do employers care about military service?

Yes,military service does look good for a number of reasons. One is the patriotism of serving your country. And with the military now being volunteer rather than soldiers being drafted, you’re making the choice to join and defend the nation. Second, is the discipline you gain from serving in the armed forces.

Does military service show up on a background check?

It will not show on a background check through a policy agency. It will show up if you seek employment where you are asked about military service, or a job where you give access to your military record.24

What is the difference between a veteran and a protected veteran?

A recently separated veteran is a protected veteran when they separate from the military/stop serving on active duty and for three years afterward. This three year period begins on the date of discharge/release from active duty.

Is a general discharge bad?

A general discharge under honorable conditions means that your service was satisfactory, but did not deserve the highest level of discharge for performance and conduct. Many veterans with this type of discharge may have engaged in minor misconduct.

Can I get a VA loan with an OTH discharge?

“Cases involving other than honorable discharges will usually require further development by VA. For active duty service members, as long as your discharge was NOT categorized as Dishonorable, you are eligible to apply for VA home loan benefits if you meet the basic requirements for the VA loan program.

What can disqualify you from a VA loan?

Veteran status requires that service members are discharged or released from the military under conditions other than dishonorable. A veteran with a dishonorable discharge will not be eligible to participate in the VA Loan Guaranty program.5

Why was my VA loan denied?

A loan can be denied by the automated underwriting system for any number of reasons. It could be that something was input wrong. It could be because something was reported wrong on your credit. In any case, VA loans offer a lot of flexibility and options.

Will the VA approve a fixer upper?

VA rehab and renovation loans offer veterans and service members a low-cost, no-down-payment way to purchase fixer-uppers or homes in need of some extra TLC. Through VA renovation loans, borrowers can finance both the purchase price and necessary repairs, or refinance and repair an existing home.

Should I buy a fixer-upper or move in ready?

If you have the time, the money, the skills, and be willing to put in the effort needed, it can be a great option over a move-in ready home. When you are buying a home for the first time budget constraints may make a fixer-upper your only option.21

What are the VA minimum property requirements?

VA loan home requirements include:

• Working electric, heating and cooling systems.
• Adequate roofing that will last the foreseeable future.
• Sufficient in size for basic living necessities.
• Clean, continuous water supply with sanitary facilities.
• Free of lead-based paint.
• Free of wood destroying insects, fungus and dry rot.

How many times can a VA loan be used?

But how many times can you use a VA loan? Borrowers who have earned this benefit can use it as many times as they want for life, as long as they qualify. Eligible active-duty service members, veterans and surviving spouses can use this loan each time they purchase a primary residence, or the main home they live in.7

What will fail a VA appraisal?

5 Common Reasons Homes Fail The VA Loan Appraisal

• Insufficient Heating. Homes that do not have adequate heating systems will never pass the VA appraisal.
• Inadequate Electrical Systems. Logically, for a home to be considered move-in ready, there must be working electricity.
• Roof in Disrepair.
• Broken Windows Lead to Broken Contracts.

Can you have 2 VA loans at once?

The VA allows veterans to have two VA loans at the same time in some situations, and eligible veterans can qualify for a VA loan even if they’ve defaulted on one in previous years. Don’t let anyone in the mortgage or real estate industries tell you differently. The key is something called second-tier entitlement.18

How much VA entitlement do I have?

VA loan entitlement is the dollar amount the Department of Veterans Affairs will guarantee on each VA home loan and helps determine how much a veteran can borrow before needing a down payment. VA loan entitlement is typically either $36,000 or 25% of the loan amount up to the conforming loan limit.

What is the max entitlement for a VA loan?

$144,000

How do I get a free VA entitlement?

Your VA entitlement is a specific dollar amount….Veterans can restore previously used VA entitlement by:

1. Selling the original property, repaying their current VA loan in full and disposing of the home.
2. Allowing a qualified Veteran to assume their current loan and substitute their entitlement for theirs.

Are VA loan limits going away?

VA Loan Limits went away because the Department of Veterans Affairs can now back loans that exceed the conforming loan limit. A bill eliminating this cap was signed into law by President Donald Trump on June 25th, 2019.

Can I rent out my house with a VA loan?

Renting out your home financed with a VA loan is an option. As a rule, VA loans are not used to purchase income property due to the owner-occupancy rule. But, once you’ve lived in the home, it is okay to vacate and rent out the home.

What is the current VA funding fee for 2020?

2.30%

What credit score is needed for a VA loan?

between 580 and 620