VA Loan Eligibility

by | Dec 21, 2021 | Home Buying, Military & Vets, The VA Home Loan

A VA loan is an earned benefit that allows eligible veterans, service members, and surviving spouses to qualify for a low-cost mortgage when looking to purchase or refinance, even with imperfect credit.

Although lenders set their own standards for certain aspects of the VA loan to qualify, the Veterans Administration determines the service eligibility requirements. Criteria focuses on two things: service length and the status of your discharge from the Military.

Below are some basic questions to ask yourself when it comes to qualifying for a VA loan.

  1. Did you serve at least 2 years of regular service?
  2. Have you served at least 6 years in the National Guard or Reserves?
  3. Have you ever served 90 days of Active Duty during wartime?
  4. Did you serve 181 days of Active Duty during peacetime?
  5. Were you released from the military due to a duty related disability?
  6. Are you the Surviving Spouse of a Veteran?
  7. Are you a cadet or midshipmen of a United States Military Academy?
  8. Are you a member of certain other Federal service organizations?

Answering ‘yes’ to any of the above questions may qualify for a VA loan.

The best way to determine if you qualify for the VA home loan benefit is by demonstrating proof of service. A Certificate of Eligibility (COE) is a document that shows your mortgage lender that you’re eligible for a VA home loan based on whether you’re an active-duty military member, a veteran, a surviving spouse, etc.

If you’re eligible, can help you secure your COE. To find out more on the VA loan eligibility requirements visit the VA website.

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