VA Loan Eligibility: Everything You Need to Know
Mortgage Broker
Jason Turner Mortgage Broker
Published on April 14, 2023

VA Loan Eligibility: Everything You Need to Know

If you’re a veteran or active-duty service member, you may be eligible for a VA loan. VA loans offer many benefits, including competitive interest rates and no down payment requirement. In this blog post, we’ll explore VA loan eligibility, how it works, and what you need to know before applying for a VA loan.

Who is Eligible for a VA Loan?

To be eligible for a VA loan, you must meet certain service requirements. The specific requirements vary depending on whether you’re a veteran or active-duty service member.

Veterans: To be eligible for a VA loan as a veteran, you must have served at least 90 consecutive days on active duty during wartime or 181 days during peacetime. You must also have been discharged under conditions other than dishonorable.

Active-duty service members: To be eligible for a VA loan as an active-duty service member, you must have served at least 90 consecutive days on active duty during wartime or 181 days during peacetime. You may also be eligible if you have served for at least 6 years in the National Guard or Reserves.

Spouses: In some cases, spouses of veterans and service members may also be eligible for a VA loan. For example, if your spouse died in the line of duty or as a result of a service-related injury, you may be eligible for a VA loan.

How Do You Apply for a VA Loan?

To apply for a VA loan, you’ll need to provide your lender with certain documentation, including:

  • Certificate of Eligibility (COE): This document verifies your eligibility for a VA loan and can be obtained through the VA or your lender.
  • DD-214: This document verifies your military service.
  • Income and employment information: You’ll need to provide documentation of your income and employment history, such as pay stubs and tax returns.
  • Credit report: Your lender will pull your credit report to determine your creditworthiness.

Once you’ve provided your lender with this documentation, they’ll review your application and determine whether you’re eligible for a VA loan.

Conclusion

VA loans offer many benefits for veterans and active-duty service members, including competitive interest rates and no down payment requirement. To be eligible for a VA loan, you must meet certain service requirements and provide your lender with documentation of your military service, income, and creditworthiness. By understanding VA loan eligibility and the application process, you can take advantage of the benefits of a VA loan and become a homeowner.

Mortgage Broker
Jason Turner Mortgage Broker
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(410) 474-7153