Requirements For VA Loan

Requirements for VA Loan

A VA Loan is simply a mortgage loan in the U.S that has been guaranteed by the United States Department of Veterans Affairs (VA) and in this article, I’m going to give you what the requirements for VA Loan are.

Many a times you will see veterans who fought for this country (the United States of America) or who are currently in service struggle to own a fitting home. The kind of homes some of these veterans live in will make you wonder if indeed they really served this great nation.

Hence to prevent such incidences, the United States Department of Veteran Affairs (VA) has introduced this mortgage loans for American veterans, active military persons and some surviving spouses to purchase a home of their choice.

However, getting these loans is not automatic as you must meet certain eligibility requirements before you can be given a VA backed loan. In order to prove to your lender that you qualify, you have to get a Certificate of Eligibility (COE)

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Documents required when applying for a VA Loan

The necessary documents needed when applying for a VA Loan include;

  • Certificate of Eligibility (COE)
  • Pay stubs (preferably the previous two)
  • Two years tax returns if you are self employed
  • Veterans DD 214
  • Records your investments, savings account, checking accounts, trust funds etc.

Service Requirements for Veterans

  • Veterans who served between September 16, 1940 and July 25, 1947 (WWII) must have served for at least 90 total days or less if you had disability in the course of service at the time and had to be discharged.
  • Veterans who served between July 26, 1947 and June 26, 1950 (period after WWII) must have served for at least 181 days continuously or less than 181 days if you had disability in the course of service at the time and had to be discharged.
  • Also, veterans who served between June 27, 1950 and January 31, 1955 (Korean War) must have served for at least 90 days in total or less if you had disability in the course of service at the time and had to be discharged.
  • Veterans who served in the post-Korean war era i.e. between February 1, 1955 and August 4, 1964 must have served for at least 181 days continuously or less if you had disability in the course of service at the time and had to be discharged.
  • Veterans who served between August 5, 1964 and May 7, 1975 (Vietnam War) or served between February 28, 1961 to May 7, 1975 in the Republic of Vietnam must have served for 90 days in total or less if you had disability in the course of service at the time and had to be discharged.

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  • Additionally, veterans who served in the post-Vietnam war period .i.e. May 8, 1975 and September 7, 1980 must have served for at least 181 days continuously or less if you had disability in the course of service at the time and had to be discharged. For officers, it must be between May 8, 1975 and September 7, 1980.
  • Veterans who served between September 8, 1980 and August 1, 1990 or between October 17, 1981 and August 1, 1990 if you served as an officer must have served for at least 24 months continuously, or the full period you were called to active duty.
  • Veterans who served between August 2, 1990 and the present (Gulf War) must have served for 24 months continuously or the full period you were called to active duty. Or a minimum of 90 days if you had to be discharged due to hardship, reduction in force, or if you had to be discharged due to disability whiles in service.
  • Lastly, veterans who separated from service after September 7, 1980 or after October 16, 1981 in the case of officers must have served for at least 24 months continuously or the full period you were called to service. Or less than 181 days if you had to be discharged due to disability whiles in service.

Service Requirements for military on active duty

Active service men must have served for at least 90 days continuously.

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Service Requirements for Reserve Members

  • Veterans who served between August 2, 1990 and the Gulf War must have served for at least 90 days of active duty.
  • Veterans who served at any era must have served for at least 90 days of non-training active duty or 6 creditable years in the selected Reserve. Note that you must at least either be placed on the list of retiree or discharged honorably or continue to serve in the Selected Reserve or transferred to the Standby Reserve.

Service Requirements for National Guard Members

  • National Guard members who served between August 2, 1990 and the Gulf War must have served for at least 90 days of active duty.
  • National Guard Members who served in any era must have served for at least 90 days of non-training active duty or at least 90 days of active duty service which includes at least 30 consecutive days. Or 6 good years in the National Guard and discharged honorably or retired.
Requirements For VA Loan

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