Serving in the Coast Guard can be an exciting and rewarding career. In addition to serving your country, many Coast Guard members also get the chance to travel, gain new knowledge and skills, and become part of a vibrant community. Additionally, you may also be eligible for certain benefits like the VA home loan program. Below, we’ve provided some information on VA loan requirements for Coast Guard members.
Are Coast Guard Members Eligible for VA Loans?
Yes! Although the Coast Guard is not part of the Defense Department, it is still considered part of the U.S. Armed Forces. Like other branches, Coast Guard members are usually eligible for at least some VA benefits. The amount of time of your service, your service commitment, and your duty status may affect your eligibility for certain benefits like the VA loan program.
VA Loan Service Requirements for the Coast Guard
While it’s possible for members of the Coast Guard to obtain a VA loan, to do so, they need to meet certain requirements. To be eligible, at least one of the following statements must be true:
- You completed at least six years of honorable service in the Coast Guard.
- You were mobilized for active duty service for a period of at least 90 days.
- You served in the Coast Guard and were discharged because of a service-connected disability.
Obtaining a Certificate of Eligibility
In addition to the service requirements mentioned above, you must also be able to obtain a Certificate of Eligibility to qualify for the VA loan program. This is an official document granted by the U.S. Department of Veterans Affairs that proves that you meet VA loan requirements. Coast Guard members can obtain a COE by applying online or submitting a paper request through the mail.
Other Loan Options for Coast Guard Members
It’s important to note that if you do not meet the service requirements or are unable to obtain a COE, there are still many other options besides the VA loan program that are worth considering. For example, applicants who do not qualify for VA home loan benefits may be eligible for loans on favorable terms insured by the Federal Housing Administration (FHA). You could also consider a USDA loan if you plan on buying a home in a rural area or a conventional mortgage.
Do You Have Questions About Your Eligibility?
We can help! Call today to get in touch and speak to an expert about VA loan requirements.