Requirements for VA Loans

Requirements for VA Loans

Senior Loan Officer
Brian Decker
Published on September 7, 2022

Requirements for VA Loans

VA loans can be confusing to navigate, but the benefits are well worth the wait. If you qualify for a VA loan, you might be able to purchase a home with no down payment. At Modern Lending, we can help you figure out exactly what you qualify for and how to give you the best mortgage possible for you to buy a home.

What is a VA loan?

A VA loan is a type of government loan that is backed by the U.S. Department of Veterans Affairs. This loan is eligible for veterans, service members, and qualifying surviving spouses. If you fall under one of these categories, you can qualify for a low-cost mortgage to purchase or refinance, even if you have a below-average credit score. If you are a disabled veteran, VA loans come with additional benefits, as well.

Minimum requirements for VA loans

Unfortunately, not everyone who has served in the Armed Forces can qualify for a VA loan. If you meet at least one of the following criteria, you can qualify:

  • You have served 90 consecutive days of active service during wartime.
  • You have served 181 days of active service during peacetime
  • You have served more than 6 years of service with the National Guard or Reserves, or 90 days under Title 32 with at least 30 of those days being active service during wartime.
  • You are the spouse of a service member who lost their life in the line of duty or as the result of a service-related disability. Usually, this does not qualify if you have remarried, but there are exceptions as well as other qualifications for a spouse getting a VA loan.

If you're still unsure if you qualify or not, reach out to a Modern Lending loan officer for more information today.

What if I don’t meet the minimum requirements?

You might still qualify if you were discharged for one of the following reasons:

  • Hardship
  • The convenience of the government (must have served at least 20 months of a 2-year enlistment)
  • Early out (must have served 21 months of a 2-year enlistment)
  • Reduction in force
  • Certain medical conditions
  • A service-connected disability

Based on your specific circumstances, you'll need to obtain a certificate of eligibility proving your status.

How do I request a Certificate of Eligibility?

In order to obtain a VA loan, you'll need a COE or a certificate of eligibility. This document will show your mortgage lender that you are eligible for a VA home loan. To qualify for a COE, you'll have to demonstrate proof of service. The document changes based on whether you're an active-duty member, a veteran, a surviving spouse, or otherwise qualified. Modern Lending can help you get your certificate of eligibility.

VA loans at Modern Lending

Modern Lending loan officers are experts when it comes to helping active-duty service members, veterans, and surviving spouses obtaining a VA loan to securely finance their dream home. Reach out to us to get your free VA loan quote today!

Senior Loan Officer
Brian Decker Senior Loan Officer
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