Typically speaking, there are four steps required in the VA Loan eligibility process: Do your VA Loan homework, Contact a VA-approved lender to start the application, Obtain your COE and Supplement all necessary documentation to the lender.
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.
A VA Loan is a mortgage option offered by private lenders that is partially backed, or guaranteed by the Department of Veteran Affairs. Because the VA backs the loan, it gives private lenders the confidence to offer a $0 down payment with great rates and no required Private Mortgage Insurance.