To be eligible for a VA loan, you or your spouse must fulfill the Department of Veterans Affairs’ (VA) minimum service requirements, have a valid Certificate of Eligibility (COE), and meet the lender’s credit and income criteria.
You may qualify for a VA loan if you fulfill any of the following requirements:
Do not fulfill the minimal service requirements? You may still be eligible: Speak with a trusted VA-lending specialist today
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You may still be eligible. Speak with a home loan specialist today.
If you do not fulfill the minimum service criteria for a VA loan, you may still qualify. In these circumstances, eligibility is determined by the discharge type. If your discharge falls within any of the following categories, you can still be eligible for a VA loan.
If you’re unclear about your military status, Speak with a trusted VA-lending specialist today
Lenders demand a Certificate of Eligibility (COE) to determine if a Veteran fits the minimal service criteria. Your certificate of eligibility confirms to the lender that you are eligible for VA loan benefits.
Most veterans find this a simple process. Your lender may often obtain your COE using only your social security number and date of birth.
In other circumstances, the procedure may be more difficult. However, it is crucial to note that you do not require this paperwork to qualify for a VA loan.
Speak with a trusted VA-lending specialist today to acquire your COE. The procedure normally takes a few minutes and guarantees that your home finance goes well.
There are three ways to receive your COE for a VA loan:
1. Applying with a VA-approved lender.
2. Applying online via the VA’s eBenefits site
3. Applying by mail using VA Form 26-1880
According to the VA, virtually all COE requests are submitted electronically, with around two-thirds given instantly. If extra documentation is necessary, it is usually a DD Form 214 for regular military and NGB Forms 22 and 23 for National Guard and Reserves.
However, this is not always true. Please see the appropriate paperwork for each service category below.
| 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 |
Surviving spouses will also require a COE to verify eligibility and access their VA loan benefits. Obtaining a COE as a surviving spouse is dependent on whether or not you are getting Dependency and Indemnity Compensation.
Spouses receiving Dependency and Indemnity Compensation benefits must complete VA Form 26-1817 (Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses) and include a copy of the Veteran’s separation documents, such as a DD Form 214.
If you do not get Dependency and Indemnity Compensation benefits, you must complete VA Form 21P-534EZ and submit it to your state’s VA Pension Management Centre (complete list here).
In addition, you must supply a copy of your marriage license, the Veteran’s death certificate (or DD Form 1300 – Report of Casualty), and the Veteran’s separation documents.
You may get separation documents from the US National Archives and Records Administration. Surviving spouses can contact an SDVA Homes consultant with inquiries or for further information.
Although the VA sets the rules for VA loan eligibility, private lenders that finance the property usually have additional restrictions that borrowers must meet. These generally include enough consistent income to repay the loan, manageable debt levels, and a credit score that matches the lender’s credit standards.
Ready to check whether you qualify for a VA loan? Begin your VA loan.
The VA does not require a minimum credit score for VA loan eligibility, but lenders often do. As a result, VA loan credit score requirements vary by lender, with most requiring a mortgage credit score of 620 to secure financing.
In addition to credit score, the VA requires qualifying Veterans to have a set amount of money left over each month after paying all significant bills. The excess, known as residual income, should be sufficient to meet basic household necessities including food, transportation, and medical care.
By enforcing residual income criteria, the VA enhances the likelihood that borrowers will earn enough money to pay all of their financial commitments and provides borrowers with a cushion in the case of an emergency.
Along with residual income, lenders assess your debt-to-income (DTI) ratio. DTI and residual income provide lenders with a comprehensive view of your purchasing power and eligibility for a VA loan.
Veterans and military members do not need to know if they are qualified for a VA loan before beginning the application process. The first stage, loan preapproval, will give you a decent idea of your chances of getting a VA loan.
Once you’ve signed a deal on a property, the VA loan procedure usually takes 30 to 45 days, although each buyer’s circumstance is unique. Applying for a VA loan does not commit you to a specific lender or to proceed with the home buying process.
Here are the three main procedures to apply for a VA home loan:
1. Contact a VA lender. To begin your VA loan application, first contact a VA lender online, over the phone or in-person :
2. Verify your VA Loan Eligibility: Obtain your certificate of eligibility from your lender or on your own.
3. Complete the VA loan application: Complete your loan application and deliver any required papers to your lender, including W-2s, tax records, and other financial information.
SDVA Homes normally demands a credit score of at least 600 to qualify for a VA loan. You must also fulfill ability-to-repay requirements such as the debt-to-income (DTI) ratio, residual income, and other factors. Guidelines may change depending on your individual scenario.
SDVA Homes, like all other VA loan lenders, requires borrowers to have a Certificate of Eligibility (COE), and you may be needed to furnish other papers, such as a DD Form 214. If you’re looking for a different loan type, such as a conventional or FHA loan, these service requirements won’t apply.
You do not need to have these documentation on hand to begin the process; most lenders (including SDVA Homes) may obtain your COE for you. Contact a Home Loan Specialist immediately to acquire your COE
Do you have any questions regarding whether you qualify? Our Home Loan Specialists are accessible 24/7 to answer any questions you may have regarding the VA loan program. Call us at +1 (916) 548-3942 or start online. In the next part, we will discuss the several benefits of a VA loan.
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