Understanding VA Loan Eligibility Requirements

Service Requirements

To qualify for a VA loan, you must meet one of the following service requirements:

• Active Duty Service Members: At least 90 consecutive days during wartime or 181 days during peacetime
• Veterans: 24 months of continuous active service with honorable discharge
• National Guard and Reserve Members: 6 years of service, or 90 days of active service under Title 10 or Title 32 (with at least 30 consecutive days)
• Surviving Spouses: Unremarried spouses of veterans who died in service or from a service-related disability
• Spouses: Of veterans who are missing in action or prisoners of war

Certificate of Eligibility (COE)

A Certificate of Eligibility is required to verify your eligibility for a VA loan. You can obtain it through:

1. The VA's eBenefits portal
2. VA-approved lenders
3. Mail application (VA Form 26-1880)

Credit and Income Requirements

While the VA doesn't set a specific minimum credit score, most lenders require:

• Credit score of 620 or higher
• Stable, sufficient income
• Acceptable debt-to-income ratio (typically 41% or less)
• Satisfactory payment history
• No previous VA loan foreclosure

Property Requirements

The property must meet the VA's Minimum Property Requirements (MPRs), including:

• Safe, sound, and sanitary condition
• Adequate living space
• Clean water supply
• Working heating system
• Functional electrical and plumbing systems
• Located in the United States or U.S. territories

Occupancy Requirements

The property must be:

• Your primary residence
• Occupied within 60 days of closing
• A qualified property type (single-family home, condo, manufactured home, etc.)

Financial Considerations

Down Payment

Unlike conventional loans, VA loans typically don't require a down payment, which is one of their biggest advantages.

Funding Fee

Most borrowers must pay a VA funding fee, which varies based on:

• Type of service
• Down payment amount
• First-time or subsequent use

Funding Fee Exemptions

You may be exempt if you:

• Receive VA disability compensation
• Are a surviving spouse of a veteran who died in service
• Are a Purple Heart recipient

Ongoing Requirements

To maintain VA loan eligibility:

1. Keep up with mortgage payments
2. Maintain property condition
3. Use the property as your primary residence
4. Comply with all loan terms and conditions

For the most current information and detailed requirements, visit the VA's official website or contact a VA regional loan center for personalized guidance.