Eligibility Criteria As Per VA Loan Contract Guidelines

VA Loan Contract Guidelines

Eligibility Criteria As Per VA Loan Contract Guidelines

Determined to serve the multifaceted population of Americans Veterans, VA loan is a type of mortgage offered by the Department of Veteran Affairs. With comparatively lower interest rates and absolutely no down payment in most cases, VA Loans are loaded with advantages. So, if you are a current or a former member of the US Military, you better ace up your sleeve because you might be eligible for a VA Loan.


According to the VA Loan Contract Guidelines, a VA Loan doesn’t require a down payment or mortgage insurance (PMI), making it a true no-money-down home mortgage opportunity. Guaranteed by the Department of Veterans Affairs, VA Loans can be processed without any credit check; however, some lenders might prefer a minimum credit score of 600. Moreover, there is no penalty if a borrower manages to pay off the loan early.


VA Loan Contract Guidelines, established explicitly to benefit the US Veterans, state that an active duty military service member, a veteran, or surviving spouses can apply for VA Loans. You may qualify for a loan if you are on duty and have served a period of successive 90 days or are a veteran and have served at least 90 days in wartime or 181 days in peacetime.

Serving as a national guard for 90 consecutive days or six creditable years can also help you meet the VA Loan Contract Guidelines, making you eligible for the loan. Any surviving spouses of a veteran who died while during service or went missing while deployed on the frontline can also apply for VA loans.


Apart from being an active military member, a veteran or a surviving spouse, you must also possess the Certificate of Eligibility (COE), issued by the VA, which validates your eligibility for the loan. You can easily apply for the COE by completing a VA form 26-1880. Because these loans don’t require any specific credit score, obtaining the COE and meeting other VA loan contract guidelines makes you an eligible candidate for the loan.


After receiving your COE from the VA, you must submit your financial documents like income tax returns and income statements to a VA approved lender to decide your loan limit. According to VA loan contract guidelines, once you get the pre-approval and eligibility certificate, the next steps include looking for an experienced VA loan agent, hunting for the property, and acquiring it.

Getting a VA home loan can be tricky. We recommend you reach out to a VA loan agent before applying for a VA home loan. 

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