VA Loan Eligibility Requirements
To be eligible for a VA loanword, you or your spouse must meet the minimum service requirements set by the Department of Veterans Affairs ( VA ), have a valid Certificate of Eligibility ( COE ) and satisfy the lender ‘s credit and income requirements .
Who is Eligible for a VA Loan?
You may be eligible for a VA lend by meeting one or more of the come requirements :
- You served 90 consecutive days of active service during wartime.
- You served 181 days of active service during peacetime.
- You have 6 years of service in the National Guard or Reserves.
- You are the spouse of a service member who has died in the line of
duty or as a result of a service-related disability.
See if You Meet the Qualifications
Answer a few questions below to speak with a specialist about what your military avail has earned you .
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If you do n’t meet the basic military service requirements for a VA lend, you may still be eligible. In these cases, eligibility depends on the fire type. If your discharge falls into any of the follow categories, you might still qualify for a VA loanword :
- You were discharged for hardship, or at the convenience of the government, or a reduction in force.
- You were discharged for a medical condition or service-connected disability.
- You were discharged for early-out and served at least 21 months of a 2-year enlistment.
If you ‘re diffident of your overhaul condition, it ‘s best to contact a VA lender and see where you stand .
Verifying Your VA Loan Eligibility Status
Lenders need what ‘s known as a Certificate of Eligibility ( COE ) to verify if a Veteran meets the minimum overhaul requirements. Your COE provides the lender with confirmation that you qualify for VA loan benefits .
For most Veterans, this is an easy footprint. Your lender can typically pull your COE with entirely your social security count and date of birth .
In some cases, the procedure may be more complex. however, the important slice is you don’t need this document before applying for a VA loan .
address with a Home Loan Specialist to get your COE today. The work typically takes minutes to complete and ensures your home finance moves forth without delays .
Other Ways of Getting Your COE
The three ways you can obtain your COE for a VA loanword are :
- Applying through a VA approved lender
- Applying online through the VA’s eBenefits portal
- Applying by mail with VA Form 26-1880
According to the VA, about all COE requests come electronically, and about two-thirds get issued immediately. If extra software documentation is required, it ‘s typically a DD Form 214 for regular military and the NGB Form 22 and NGB Form 23 for National Guard and Reserves .
however, this is n’t constantly the event. See the needed forms for each service type below .
Documents Your Lender May Require
|Service Type||Required Documents|
|Veteran||DD Form 214 (Report of Separation)|
|Current or Former Activated National Guard or Reserves||DD Form 214 (Report of Separation)|
|Active Duty||Statement of Service|
|Current National Guard or Reserves (Never Activated)||Statement of Service and an allocated points statement|
|Discharged National Guard (Never Activated)||NGB Form 22 (Report of Separation and Record of Service) and NGB Form 23 (Retirement Points Accounting and proof of the character of service)|
|Discharged Reserves (Never Activated)||Army Reserve: DARP Form FM 249-2E or ARPC Form 606-E. Navy Reserve: NRPC 1070-124. Air Force Reserve: AF 526. Marine Corps Reserve: NAVMC HQ509 or NAVMC 798. Coast Guard Reserve: CG 4174 or 4175|
How Spouses Can Verify Their VA Loan Eligibility
Surviving spouses will besides need a COE to verify eligibility and utilize their VA lend benefits. Getting a COE as a exist spouse depends on whether or not you ‘re receiving Dependency and Indemnity Compensation.
Spouses receiving Dependency and Indemnity Compensation benefits must fill out VA Form 26-1817 ( Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses ) and obtain a copy of the Veteran ‘s interval paperwork, such as a DD Form 214 .
If you ‘re not receiving Dependency and Indemnity Compensation benefits, you ‘ll need to apply via VA Form 21P-534EZ and submit to your state ‘s VA Pension Management Center ( full moon list here ) .
additionally, you ‘ll need to provide a copy of your marriage license, the Veteran ‘s death certificate ( or DD Form 1300 – Report of Casualty ) and the Veteran ‘s separation paperwork .
You can request separation paperwork from the U.S. National Archives and Records Administration .
Surviving spouses can reach out to a Veterans United loan specialist with questions or for more details .
VA Lender Requirements
Although the VA determines the guidelines for VA loan eligibility, secret lenders who finance the home typically have an extra set of requirements borrowers must satisfy. These typically include sufficient authentic income to repay the loanword, satisfactory levels of debt, and a credit score that meets the lender ‘s recognition requirements .
cook to see if you ‘re eligible for a VA lend ? Start your VA loanword with Veterans United and speak with a home lend specialist today .
Credit and Income
The VA does not set a minimal credit grudge prerequisite for VA loan eligibility, but lenders typically do. Because of this, VA loanword accredit score requirements vary by lender, with most lenders typically requiring a 620 mortgage credit mark to obtain finance .
In accession to credit score, the VA requires stipulate Veterans to maintain a certain sum of income left over each month after paying all major expenses. The overindulgence, known as remainder income, should be enough to cover typical family needs, such as food, transportation and medical care .
By enforcing remainder income requirements, the VA increases the chances of borrowers earning sufficient income to meet all fiscal obligations and ensures borrowers have a shock absorber in the event of an hand brake .
Alongside residual income, lenders besides consider your debt-to-income ( DTI ) ratio. DTI and remainder income give lenders a holistic spirit at your purchasing power and ability to qualify for a VA lend .
How to Apply for a VA Loan
Veterans and service members do n’t need to know if they ‘re eligible for a VA loanword to try and start the work. You ‘ll get a good handle on your ability to land a VA loanword during the first step – loan preapproval .
The VA loan process typically takes 30 to 45 days once you ‘re under contract on a home, although every buyer ‘s situation is different. Applying for a VA lend does n’t obligate you in any direction to a particular lender or to move forward with the homebuying procedure.
here ‘s a front at the three basic steps to applying for a VA home loan :
- Contact a Lender: The first step of applying for a VA loan is contacting a VA lender like Veterans United Home Loans to start your VA Loan application.
- Verify Eligibility: Obtain your Certificate of Eligibility through your lender or on your own.
- Complete the Application: Finalize your loan application and provide all necessary paperwork to your lender, including W-2s, tax returns and additional financial information.
Questions about whether you qualify?
Our Home Loan Specialists are available 24/7 to answer any questions you have about the VA loanword program. Give us a call at 1-800-884-5560 or get started on-line .
Learn about the many advantages of the VA lend in our next section .