VA Loan Eligibility Requirements In 2024
To qualify for a VA loan, you or your spouse must fulfill the minimum service requirements established by the Department of Veterans Affairs (VA).
VA home loans do not require a down payment, but you still need decent credit and sufficient income to qualify. Although the VA doesn’t set a minimum credit score to qualify, each lender will typically set their minimum standards for FICO credit scores which may start at 580.
VA loans have helped millions of military service members and veterans buy homes each year.
Let’s take a look at who is eligible to apply and the requirements associated with a VA loan.
VA Loan Eligibility
You may qualify for a VA loan by meeting ANY of the following:
- You are on active duty with a minimum of 90 continuous days of service
- You are a veteran with 90 days of service in wartime and 181 days in peacetime
- You have completed 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who died in combat or from a service-connected disability and has not remarried. You may be eligible if you remarried after age 57 or on after December 16, 2003.
- You are the spouse of a service member missing in action or prisoner of war.
To qualify for a VA loan, you or your spouse must meet the minimum service requirements established by the Department of Veterans Affairs, obtain a valid Certificate of Eligibility (COE), and meet the credit and income criteria set by the lender.
You may still qualify even if you don’t meet the requirements listed above in some cases. Check with the VA for details.
Verifying VA Loan Eligibility Status
Lenders require a Certificate of Eligibility (COE) to verify whether a Veteran satisfies the minimum service requirements.
For most Veterans, this is a simple step. Lenders can retrieve your COE with only your social security number and date of birth. You do not need this document before applying for a VA loan. Consult with our Mortgage Pro to get your COE today. The process is quick and simple.
Documents Your Lender May Require
- DD214 (Veterans)
- Statement of Service (Active Duty)
Discharged Never Activated
- NGB Form 22 or 23 (National Guard)
- DARP Form FM 249-2E or ARPC Form 606-E (Army Reserve)
- NRPC 10701-124 (Navy Reserve)
- AF 526 (Air Force Reserve)
- NAVMC HQ509 or NAVMC 798 (Marine Corps Reserve)
- CG 4174 or 4175 (Coast Guard Reserve)
VA Eligibility For Surviving Spouses
Surviving spouses will need a Certificate of Eligibility (COE) to verify eligibility and use their VA loan entitlements. The process for obtaining a COE as a surviving spouse depends whether or not Dependency and Indemnity Compensation is being received.
For spouses receiving Dependency and Indemnity Compensation benefits, completion of VA Form 26-1817 (Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses) is necessary. Alongside this form, a copy of the Veteran’s separation paperwork, such as a DD Form 214, must be submitted.
You will also need to provide a copy of your marriage license, the Veteran’s death certificate (or DD Form 1300), and the Veteran’s separation paperwork which can be requested from the US National Archives.
Surviving spouses can talk to a Mortgage Pro for more details.
VA Loan Rates
The Department of Veterans Affairs (VA) does not set interest rates for VA loans. Instead, each lender determines the interest rate based on your financial circumstances and specific loan parameters.
VA Loan Property Requirements
The property you want to purchase must meet the VA’s minimum requirements, ensuring that homes financed through VA loans are secure, structurally sound, safe, and sanitary.
Once you are under contract to purchase a home, the lender will engage a VA-approved appraiser to assess the property’s market value and verify its compliance with the minimum property requirements. This VA appraisal process may also be necessary in the case of refinancing a VA loan.
Eligibility For Other VA Loans and Grants
The VA provides housing grants for veterans and service members with service-connected disabilities, as well as home loans specifically tailored for Native Americans.
- Disability Housing Grants: This program offers three grants designed to assist veterans and service members with service-connected disabilities in purchasing or modifying a home to suit their needs. The Specially Adapted Housing grant applies to a home you currently own or plan to buy. The Special Housing Adaptation grant can be used for a home owned by you or a family member. The Temporary Residence Adaptation grant is intended for a family member’s home where you are temporarily residing. Eligibility for these grants requires having a qualifying service-connected disability. To apply, you can use the online benefits portal on the VA website.
- Native American Direct Loan: The Native American Veteran Direct Loan program aims to assist Native Americans in purchasing, building, improving, or refinancing homes on federal trust land. This program is accessible to members of specific Native American tribes and their spouses, as well as Alaska Native corporations and residents of Pacific Island territories. To initiate the process, verify the participation of your native community in the NADL program, apply for a VA certificate of eligibility, and reach out to the VA regional loan center for your state.
How to Apply for a VA Loan
Veterans and service members don’t need to determine their eligibility for a VA loan before initiating the process. You’ll get a good idea on your ability to get a VA loan during a conversation with our mortgage pro.
The process typically takes 30-45 days considering all the steps required to close a VA home loan. Applying for a VA loan does not commit you to a specific lender or to move forward with the homebuying process.
Here Are 3 Simple Steps To Take
Here Are 3 Simple Steps To Take
- Contact a VA Lender (ask questions)
- Verify your VA Loan Eligibility (obtain your COE or Statement of Service)
- Complete your VA Loan Application (provide income documentation)
Contact a VA lender and ask questions about rates, payment, fees, and out-of-pocket expenses. Find out your VA loan eligibility and how much you can afford based on your current income. Complete a loan application and submit all necessary documents requested by your Loan Officer.
Do you have questions about qualifying for a VA Home Loan?
A Mortgage Pro is here to answer your questions. Call: (877)870-0007 or email: info@onpointmp.com
