Who qualifies for a VA loan?

The Veterans Administration home loans program was established to help active-duty military personnel, veterans, and their spouses achieve the dream of homeownership. However, not all military members qualify.

The U.S. Department of Veterans Affairs requires anyone applying for a VA loan to meet a series of pre-requirements, including:

• A satisfactory credit history
• Sufficient income to pay the monthly mortgage
• A valid Certificate of Eligibility (COE)

In addition, any property purchased with a VA loan must act as your personal residency. For example, you can’t use a VA loan to purchase a home or condo and then rent that property out to other tenants.

Qualification for VA loans also depends on your age and time served. You can access a comprehensive list of service requirements via the Veterans Affairs website, but generally, veterans must serve at least 181 consecutive days of continuous duty with an other than dishonorable discharge or less than 181 consecutive days of duty, if discharged for a service-connected disability.

Spouses of military veterans can also apply for a VA loan under certain circumstances, including:

• An unmarried widow or widower whose spouse died on active duty or as the result of a service-related disability
• The spouse of a veteran missing in action (MIA) or prisoner of war (POW)
• Surviving spouses of certain totally disabled veterans

If you’re wondering whether you qualify for a VA mortgage, get in touch. We regularly work with veterans and their spouses and can help you navigate the process.