Are You Eligible for a VA Home Loan?


Many military service people and Veterans are eligible for benefits through the Veterans Administration including special home loan options.  However, certain parameters are required by the VA including suitable credit, sufficient income and a valid Certificate of Eligibility (COE).

While credit and sufficient income will be something you will work through with your loan officer, the COE is something you can obtain on your own.  There are a few ways to receive your COE.  You can apply for your COE online through the VA eBenefits portal, via mail using a VA form, or in some cases your lender.  Your lender may have access to a specific online system that can issue a COE, however, it’s available only for those who the VA has sufficient data in their records and you will need to discuss with your lender.

Those who seek a COE, you must be discharged under conditions other than dishonorable and meet the following service requirements:

Eligibility Requirements Veteran Status:

Qualifying Period: World War II

Qualifying Active Duty Dates: 9/16/1940 – 7/25/1947

minimum service requirement: 90 total days

Qualifying Period: Post World War II  

Qualifying Active Duty Dates: 7/26/1947 – 6/26/1950

minimum service requirement: 181 continuous days

Qualifying Period: Korean War

Qualifying Active Duty Dates: 6/27/1950-1/31/1955

minimum service requirement: 90 total days

Qualifying Period: Post-Korean War

Qualifying Active Duty Dates: 2/1/1955-8/4/1964

minimum service requirement: 181 continuous days

Qualifying Period: Vietnam War

Qualifying Active Duty Dates: 8/5/1964-5/7/1975

minimum service requirement: 90 total days

Qualifying Period: Post-Vietnam War

Qualifying Active Duty Dates: 5/8/1975-9/7/1980

minimum service requirement: 181 continuous days

Qualifying Period: 24-month rule

Qualifying Active Duty Dates: 9/8/1980-8/1/1990

minimum of 24-continuous months or the full period for which you were called or ordered to active duty.

Qualifying Period: Gulf War

Qualifying Active Duty Dates: 8/2/1990-Present

minimum of 24 continuous months or full period for which you were called or ordered to active duty.

Currently on Active Duty:

For a minimum of 90 continuous days

National Guard & Reserves:

Gulf War: 8/2/1990– Present for a minimum of 90 days

Six years of service in the selected reserves or National Guard, and discharged honorably, placed on the retired list, or transferred to Standby Reserves or an element of the Ready Reserve other than the Selected Reserve after honorable service, or continue to serve in the Selected Reserves.

Spouses

The spouse of a Veteran can also apply for a VA home loan under one of the following conditions:

  • Unremarried spouse of Veteran who died in service or from a service-connected disability, or
  • Spouse of Servicemember missing in action or prisoner of war
  • Spouse remarries on or after attaining the age of 57 and on or after December 16, 2003
  • Spouse of totally disabled veteran whose disability may not have been the cause of death.

There may be additional eligibilities available and they can be found here. These parameters are subject to change by the Veterans Administration.

The VA is not a mortgage lender and doesn’t originate home loans.  VA home loans are provided through specialized lenders who have been approved by the VA and have shown they understand the process to originate these special mortgages.  Once you apply for a VA home loan, your loan officer will work with you to determine full eligibility.  You can find additional information about VA home loans on the VA benefits website or call us at (800) 937-0423 to learn more about applying for a VA home loan.

 

 

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