VA Loan Application and Eligibility Criteria

VA Loan Application and Eligibility Criteria

A VA loan is perhaps the most hard-earned benefit available to Veterans, current military members, reservists and family members. From no downpayment requirements to lower interest loans, these loans also come with easy eligibility criteria and flexible guidelines. Here’s what you need to know about the VA loan application procedure and eligibility criteria-



To read the benefits of VA loans, you must establish your eligibility and attain the Certificate of Eligibility (COE). 

To attain your COE, either of the following must be true-

  • You are a Veteran/current military member who has served at least 181 consecutive days during peacetime, OR
  • You are a Veteran/current military member who has served at least 90 consecutive days during wartime, OR
  • You are a current/former national guard or reservist with at least six years of experience, OR
  • You are a family member of a Veteran who either went MIA, was a POW or died in the line of action or from a service-related disability. 

If either of the above-stated condition is true, you can move on with your VA loan application and apply for COE. 



You can apply through either of the following ways to obtain your COE-

  • You can ask your VA-approved private lender to apply it for you. However, it is not recommended to stick to just one lender. Shopping different lenders can help you find the lowest rates possible.
  • You can apply online.
  • You visit the regional office and start your VA loan application procedure. 



To get your quote, you also have to satisfy your lender’s and property requirements, in addition to obtaining your COE. 


Lender’s Requirements

You must have a minimum credit score of 620, enough residual income, appropriate credit history and a required debt-to-income ratio to fulfill the lender’s requirements and move on with your VA loan application. 


Property Requirements

The VA has defined certain Minimum Property Requirements (MPRs) to ensure that the house is safe for living. The chosen property must meet all the MPRs to qualify for a VA loan. 


After satisfying all the above-stated requirements, you can move on with your VA loan application process and step forward to purchasing the house of your dream. 

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