Military Service Requirements:

• Veterans: Individuals who have served in the active military, naval, or air service, and who were discharged or released under conditions other than dishonorable, may be eligible for a VA loan.

• Active Duty: Active-duty service members are generally eligible after serving for a certain period, typically 90 consecutive days during wartime or 181 days during peacetime.

• National Guard and Reserves: Members of the National Guard and Reserves may qualify after six years of service attending all drills and training, although certain conditions apply. Also if you served 90 days active duty not including training.

1. Character of Service:

   • Discharge status is a crucial factor. Generally, veterans must have an honorable discharge to qualify. However, some individuals with other discharge statuses, such as general under honorable conditions, may still be eligible.

2. Surviving Spouses:

   • The spouse of a veteran who died in service or as a result of a service-connected disability may be eligible for a VA loan. Unremarried surviving spouses of veterans who died in the line of duty or from a service-related disability are also eligible.

3. VA Loan Entitlement:

   • Eligibility is determined by the veteran's available VA loan entitlement, which is the amount the VA guarantees for each eligible borrower. Contact us directly here to determine your entitlement amount.

4. Credit and Income Requirements:

   • While the VA does not set a minimum credit score requirement, lenders and banks set their own credit score standards. This is why working with a broker can be an advantage if you have less than perfect credit. Borrowers should have a stable income and meet the lender's debt-to-income ratio guidelines.

5. VA Funding Fee:

   • Most borrowers are required to pay a VA funding fee, which helps offset the cost of the program to taxpayers. The amount varies depending on factors such as military category, down payment (if any), and whether it's the borrower's first VA loan. Veterans with a service connected rating through the VA of 10% or greater and active duty Purple Heart recipients are EXEMPT from the VA funding fee for life!

6. Certificate of Eligibility (COE):

   • To apply for a VA loan, borrowers need a Certificate of Eligibility (COE) from the VA. This document verifies the borrower's military service and eligibility for the VA loan program. The COE can be obtained online through the eBenefits portal or we can order it for you with a copy of your DD-214.