Veterans Affairs (VA) Loan Requirements & Certificate of Eligibility (COE) Information
With a VA home loan, VA agrees to reimburse the private lender that provides your loan in the event of foreclosure. With this assurance, VA loans have no down payment and private mortgage insurance (PMI) requirements. Private lenders can also extend other more favorable terms for VA loans like lower interest rates and closing costs. Plus, it’s a lifetime benefit – once you qualify for the VA loan benefit, you can use it multiple times.
Keep reading to learn about the requirements for VA loans, including information about obtaining a valid Certificate of Eligibility (COE), one of the main VA loan requirements.
What Are VA Home Loan Requirements?
There are specific requirements for a VA loan, in addition to the lender’s income and credit score requirements:
- 1. Income. VA ensures you qualify for a VA loan by requiring you to have enough income left over after paying your mortgage and other expenses and obligations.
- 2. Occupancy. You must live in the home being purchased with the loan.
- 3. Eligibility. Your eligibility requirements for a VA loan are based on your length of service or service commitment, duty status, and character of service. Here are the most common:
- Active-Duty Servicemember. Served at least 90 continuous days or at least 181 days during peacetime.
- Reserve or National Guard. Served at least six years.
- Veteran. Veterans of the Gulf War era (separated from active duty between August 2, 1990, and the present) who served 24 continuous months.
For more detailed information about eligibility, including eras other than the Gulf War, Title 10, and Title 32, check service requirements with VA.
Eligible surviving spouses and other eligible borrowers can also qualify for a VA loan.
Qualifying for a VA Loan: The Most Important Step
When you are ready to purchase a home, but before choosing the right private lender, you need to apply for a VA home loan Certificate of Eligibility (COE).
Obtaining a COE is the first step in qualifying for a VA loan. It’s proof to your lender that you meet the basic qualifications for a VA home loan.
You can apply for your COE online.
Already Have Your COE? Start the Process to Qualify for a VA Loan With Supreme Lending Dallas
Whether you meet VA loan requirements or are looking for any other type of home loan, Supreme Lending Dallas has loan programs to help you purchase your next home. We handle all aspects of the loan process in-house, allowing us to serve you better. Contact our experienced loan professionals today to get started!