How to Qualify for a VA Loan
One of the great benefits every US veteran should enjoy is being a homeowner without a down payment. Thanks to the VA loan program, a vet can qualify for a VA loan to help him purchase a home guaranteed by the US Department of Veterans Affairs. The VA home loan program offers a full 100 percent financing to eligible servicemen and women, along with their eligible spouses. Not only that, VA home loans offer the lowest interest rates available today.
If you’re wondering how you can qualify for a VA loan, here are a few things that should be included in your checklist to help you acquire the home you deserve.
VA Eligibility Guidelines
US veterans, members of the regular military, reservists and National Guard are eligible for a VA home loan application. The spouses of military members who died while on duty or as a result of a service-related disability can apply as well. Also, it might be helpful to get in touch with a trusted VA lender to know your VA eligibility.
VA Eligibility Service Requirements
To know your VA eligibility, you must fall into one or more of the following categories:
- You have rendered 90 consecutive days of active service during wartime
- You have performed 181 days of active service during peacetime
- You have given six years of service or more in the National Guard or Reserves
Certificate of Eligibility
The Certificate of Eligibility (COE) plays a significant part of your loan application. This page proves that you have met the minimum service requirement. Moreover, you are eligible for a VA-backed loan.
You can obtain your COE in three different ways:
- Apply through a VA-approved lender
- Apply by email with VA Form 26-1880
- Apply online through the VA’s eBenefits portal
Service members and veterans looking for homes should know that these properties must conform to the Minimum Property Requirements (MPRs) set by the Department of Veterans Affairs. These home requirements ensure that veterans and their families have a safe and structurally sound home to live.
Take note that all MPRs are assessed by an independent VA appraiser who can point out any significant issues that can affect the safety, sanitation and structural integrity of the home. Please note that the appraisal process doesn’t guarantee properties that are free of defects.
Some of the MPR considerations below would give you an insight on what to look out for when buying a home:
- Residential House
It is mandatory that the financed home is used as a primary residence.
- Architectural Infrastructure
From roofs to crawlspaces to basements, everything should be architecturally sound.
- Liveable Space
The financed residence should allow the homebuyer and his family to live, cook and sleep.
Financed properties should provide clean drinking water and adequate sewage disposal.
All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines and products subject to change.