To be eligible for a VA loan, applicants must meet one or more of the following criteria:
There are 7 different uniformed services that have VA home loan benefits:
For specifics on any of these services, you can check the VA website.
The Department of Veterans Affairs has mandated requirements for qualifying for VA Loans today. To be eligible for these loans, veterans, active-duty service members, National Guard members, and those on the reserves list must meet these requirements. Spouses left in the wake of a military member who died while serving are also eligible for the loans.
The decision rests with the VA to determine acceptance into the loan program; however, prospective borrowers can still get a good idea of whether they are eligible for a VA loan by looking at the guidelines set forth today.
Only one of the four eligibility requirements mentioned above needs to be met for review by the VA. Once you review the guidelines and affirm that you are permissible under at least one of the restrictions, it’s time to apply for a VA Loan Certificate of Eligibility (COE).
A certificate of eligibility is simply proof of a veteran’s service. The certificate is an official way to show that a veteran has met the minimum service requirement to be eligible for a VA loan.
It is worth noting that you do not NEED this certificate to begin the loan application process, but this item is essential in validation eligibility.
There are 5 application options:
There are 5 application options:
We would love to help you acquire your certificate of eligibility, and fortunately, the process typically only takes a few minutes to complete. Obtaining your COE may require you to fill out a proof of your military service form (DD-214) for completion. However, after this piece of the process is done, your home financing can move forward without any obstacles!