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Find Out if You are Eligible for a VA Home Loan

The VA Loan Program is designed for veterans and members who are currently serving in the military. Those who qualify are eligible to receive home financing with no down-payment and little to no closing costs. There are a few conditions and requirements one must meet in order to qualify. Let’s check them out.

To begin with, you must first meet at least one of the following scenarios:

  • Served in an active duty capacity during wartime for at least 90 days consecutively
  • Served in an active duty capacity during peacetime for at least 181 days
  • Served in the Reserves or National Guard for at least 6 years
  • Were not dishonorably discharged
  • Are the husband or wife of a deceased service member who died during duty or who passed away due to a disability suffered during service.

Are there any income requirements associated with a VA home loan?

While there are no minimum income standards to receive a VA mortgage, you must have consistent income and be able to pay for your monthly expenses as well has have a certain percentage of income beyond what is needed to cover your monthly expenses and mortgage payment. This additional amount of income is referred to as “Residual Income” and includes expenses like transportation, food, clothing, and other necessities.

Thanks in part to the Department of Veteran Affairs requiring all applicants to have residual income, VA Loan borrowers are more likely to sustain a good income and save up for emergencies. This has also helped VA Loan borrowers report the lowest rate of foreclosure among all major mortgage lending programs.

You will need to acquire a Certificate of Eligibility (COE) before being approved

Luckily, you don’t need to receive a COE in order to start the application process. A COE is a document issued by the VA that lists the rights you possess pertaining to receiving VA Benefits. To receive this document you can call or visit a VA Loan specialist or print the form (VA Form 26 1880) from the VA website and send it via mail to the Department of Veterans Affairs.

What additional requirements do private lenders need in order to qualify for a VA Loan?

Once the VA determines those who are eligible for a VA home mortgage, the lender who finances the loan may require certain standards are met before issuing the financing. These requirements may include minimums on your credit, income, and debt.

When you contact a specialist or lender, they can calculate your debt and credit, and run your credit score from the three major credit agencies.


  1. I am a retired E-7 from the United States Navy. I have had a VA COE and have satisfied that. Now my wife and I have a factory build mobile home and have had to go conventional loan with a high interest rate. This last summer we contacted FT Financial Inc to do a complete cash buy out of what we owed on the land and park model. After filing all the paper work the package went to a loan officer to review the loan. The only thing that disqualified me is they wanted me to work at a part time job full time for 6 months. Hell iam 75 years old. My wife and I have the money to pay this off but it would deplete all of our cash savings.

  2. Have a Certificate of Eligibility No. 1125588, though it show valid though 7/19/87, is this still good or do I need another one?
    Number 1 is marked; Eligibility restricted per VA Regulation 4349__Funding fee required

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