VA Loan Requirements, VA Loan Eligibility

VA Loan requirements A List Of The Main Requirements For VA Loans.

VA Loan Requirements explain how An eligible veteran is a person who served on active duty in the Army, Navy, Air Force, Marines, or Coast Guard, and who, (except for a service member on active duty) was discharged or released from active duty under conditions other than dishonorable, or for Members of the Reserves and National Guard are eligible upon completion of 6 years of service: or Unmarried surviving spouses of veterans who died as a result of service or service-connected causes.

In order for an Eligible Veteran to be able to borrow these other factors also need to be fully considered. 

The borrower must have sufficient credit

CH7 & CH13 Bankruptcy requires 24 months seasoning from discharge date

Foreclosure requires 24 months seasoning from completion

Current mortgage have been on time and have a mortgage rating of 0x30 in the last 12 months

The borrower must have the ability to repay with stable income.

A valid Certificate Of Eligibility (COE) to ensure the borrower is  eligible for a VA-backed home loan.

The home must be owner occupied.

The borrower must also meet any conditions the bank or investors ask for.  I.E (letters of explanation, signed documentation, etc)

To be eligible for a VA loan you also have met the minimum service requirements that the VA programs has on it.

The property must pass a VA specific appraisal.

The Veterans Home Loan programs also looks at residual income factors to ensure a homeowner is going to be able to pay their home bills along with the mortgage, unlike a conventional or FHA loan.

To get your Certificate Of Eligibility, Get Started Now, so we can ensure we have the main eligibility documents needed for the VA home loan.

All VA loans require a VA funding fee. Exceptions may be made to veterans with service-connected disabilities and to surviving spouses of veterans who die in service.



VA Home Loan can be used to:

Build a home
Purchase 1 unit attached and detached SFR, PUD, condominium (VA-approved) homes
Purchase 2-4 Units- Standard and High Balance loan amounts up to $1,000,000
Purchase Owner Occupied Primary Residence
Simultaneously purchase and improve a home
Improve a home by installing energy-related features or making energy efficient improvements
Buy a manufactured home and/or lot
To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate
To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home


Of course this information is just a general guide, each bank and financial can have different rules and overlays.  Make sure to consult with you Licensed Loan Officer to ensure you are gettin the best loan to meet your needs.