VA Loan Eligibility
There are a number of guidelines that impact your eligibility for a VA loan, so before you get started in the application process, be sure to familiarize yourself with some of the requirements and regulations surrounding these loans.
Certificate of Eligibility
You will need to acquire a Certificate of Eligibility in order to close on your VA loan, but you don’t need to go through the process alone. You will need to provide some documentation, including the DD-214 or Statements of Service and a signed COE request form (Form 26-1880), and then our loan specialists can help you with everything else.
The easiest way to get a COE is during the loan process. The lender can assist you by making sure you have all the necessary paperwork at the beginning of the process. While the COE cannot be used for anything but the purchase of a primary residence, there is no limit on when you can use it. Some lenders may require you to update it within 60 days of your closing, but otherwise it is good until you decide to close on the loan.
One of the most obvious factors that contribute to your eligibility is the time spend in the military services. This can include your time in the reserves, too. During wartime, you need to have served at least 90 consecutive days. During peacetime you need to have served 181 days. This may differ depending on certain circumstances, but this is the most common requirement.
You are still eligible for a VA loan if you are in the National Guard. The service requirements in this case are 181 days of service, which, if you’ve never been activated, works out to around six years of guard duty.
Who Can Use Your VA Loan?
The only people eligible to be on a traditional VA loan are the veteran and his or her spouse. There are, however, some joint VA loans that allow two eligible veterans to be on the same loan. It is possible to add someone to the title of your VA loan later, but you will not be able to add or remove people from the mortgage note unless you refinance.
If you had a spouse who was in the military and died while on active duty or through a service-related disability, you are eligible to receive these benefits. You will also be exempt from the funding fee.