VA Eligibility
VA home loan eligibility is determined by the Department of Veterans Affairs (VA) and is available to veterans, active-duty service members, National Guard members, reservists, and certain surviving spouses. The program aims to help eligible individuals purchase, build, repair, retain, or adapt a home for personal occupancy. VA loans are known for their advantages, such as no requirement for a down payment or private mortgage insurance (PMI), competitive interest rates, and lenient credit requirements.
| Eligibility Factor | Basic Eligibility Criteria | Notes/Exceptions |
| Service Time | 90 consecutive days of active service | During wartime |
| 181 days of active service | During peacetime | |
| 6 years in the Reserves or National Guard | Served 90 days with at least 30 consecutively under Title 32 Orders | |
| Discharge Type | Discharge under conditions other than dishonorable. | Certain cases allow for eligibility with other than honorable discharge. Situations like if you were discharged for service-connected disability or a medical condition. |
| Home Use | For purchasing, building, repairing, or refinancing a primary home. | Not for investment properties or second homes. |
| Certificate of Eligibility (COE) | Must obtain a COE as proof of eligibility. | Can be applied for online through a VA approved lender, through the eBenefits portal, or by mail. |
| Loan Limits | No VA-imposed loan limits for qualifying borrowers. | Lenders might impose their own limits based on loan type, property type, credit and income. |
| Funding Fee | A percentage of the loan amount; varies based on type of loan and service. | Fee can be financed; some are exempt, including recipients of VA compensation for service-connected disabilities and surviving spouses. |
| Credit & Income | No VA-mandated credit score minimum. | Lenders generally require a minimum credit score; income requirements vary. |
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