VA loans can help service members qualify for a home even if they do not meet the lender’s minimum requirements. There are two types of loans to consider: VA-backed and VA direct loans. The former allows you to apply for funds from a private lender with the Department’s backing, while the latter involves receiving a loan directly through the Department. Not all service members qualify for a VA loan of either type, however, so the first step is to determine if you are qualified to request a Certificate of Eligibility (COE) for a home loan.
Who qualifies for VA loans?
Applicants (or their spouses) must meet minimum service requirements as set forth by the Department of Veterans Affairs to qualify for a VA loan. These include the following, and remember that you only need to meet one requirement to qualify:
- 181 active service days during peacetime
- 90 consecutive active service days during wartime
- Six years or more in the National Guard or Reserves
Additionally, spouses of service members who died from a service-related disability or in the line of duty might also qualify for a VA loan.
An expert mortgage broker in Vancouver, Washington can help you apply for a COE in order to start applying for mortgages.
Exceptions
In general, you must meet at least one of the aforementioned eligibility requirements to qualify for a VA loan. There are a few exceptions, however, which might qualify you even if you do not. They all revolve around how and why you were discharged from the military. If you were discharged for any of the reasons below, you could be eligible for a VA loan:
- Early out (with at least 21 months of a two-year enlistment served)
- Hardship
- Certain medical issues
- A reduction in force
- Convenience of the government
- A disability related to your service
If you believe any of the above applies to you, reach out to the Department of Veterans Affairs for more information.
Reach out to our professionals today if you’re ready to learn more about a VA loan and how it can help you finance a home!
