Who Qualifies for VA Home Loans?

VA home loans help make the dream of homeownership come true for eligible service members, veterans, and spouses. Many different aspects of homeownership, including purchasing, building, repairing, adapting or even retaining a home are covered as long as the property is for your own personal occupancy. However, applicants must meet certain requirements in order to be considered eligible. 

Securing a VA Home Loan

While VA home loans are guaranteed by the government, they are actually provided by third-party, private lenders. Securing a VA home loan is similar to applying to other mortgages in that you must have the following: 

• Satisfactory credit score
• Source of sufficient income
• A valid Certificate of Eligibility

Like traditional mortgages, you are solely responsible for paying back the loan even though the loan is guaranteed by the government. Basically, this program makes it easier for eligible individuals to secure financing and to move into their own home. These loans often have more favorable terms than traditional mortgages, but essentially function the same way. 

Eligibility Requirements

The most important requirement for securing a VA home loan is the duration of your service. It is important to note that the required duration of service varies between wartime and peace. Additionally, there are special requirements regarding service during specific conflicts. Those who qualify for VA home loans must meet the following eligibility requirements: 

1. In general, at least 90 days of active duty are expected without a dishonorable discharge. This is flexible in cases where a discharge is connected with a service-related disability.
2. There may be additional criteria requiring 24 months of continuous active duty without a dishonorable discharge. This provision is particularly applicable in the Gulf War, and for subsequent periods. 
3. For service during peacetime, at least 181 days of continuous active duty is required, again without a dishonorable discharge. The service-connected disability provision applies as well.
4. There are certain special provisions where separation from service was experienced.
5. For active duty service personnel, eligibility is automatic after 90 days of continuous active duty. Upon discharge, this will have to be re-established.
6. For those in the Reserve forces or the National Guard, an eligibility period of six credible years is required. There are certain other active duty and discharge related requirements.
7. Surviving spouses who have not remarried are also eligible, given certain requirements. In some cases, if a spouse remarries, there are age and time period criteria that may allow them to be an exception and be considered eligible. 
8. U.S. citizens that served with governments allied with the U.S. in World War II or that served in certain organizations may be eligible for VA home loans. However, there is an additional set of eligibility requirements that must be met for these individuals. 

Get Help with Applying for a VA Home Loan

At Mortgage Solutions Financial, we work with VA home loans regularly and are familiar with the process of getting approval. Our loan officers can help you understand the different financing options available to you and help you pick the one that works best for you. Call today to schedule an appointment or speak to a representative.