08 Feb What Should You Know About VA Loan Eligibility Guidelines?
We often come across various queries related to the VA loan process. The first thing you need to do before applying for a VA loan is determining your eligibility. Once you obtain the Certificate of Eligibility from the VA, your chance to qualify for the loan will increase.
Here are the most common questions related to VA loan benefits.
Do I need to have a specific credit score for VA loans?
While some VA lenders don’t consider the borrower’s credit score for sanctioning the loan, most lending institutions require the borrower to maintain a minimum credit score. A credit score of 600-650 should be enough to qualify for a VA loan.
VA Loan Qualification Guidelines –
Your VA loan eligibility is determined by your lender based on the following criteria –
- Applicants must serve the army at least 90 days during wartime
- Or applicants must have at least six years of active service in the Reserves or National Guard
- Applicants must have at least 181 days of active duty during peacetime
- Applicants should be the spouse of a military service member deceased while serving the army or as a result of a service-related disability.
What is COE? How can I obtain it?
The Certificate of Eligibility (COE) is essential to qualify for VA loans. Your lender will ask you to submit your COE along with other documents. Your COE confirms your VA loan eligibility to the lenders. You may need to obtain your COE from the VA or request your lender to arrange it for you.
Start with getting quotes from different lenders.
We suggest you take one step at a time. You can begin by getting quotes from various private lenders and comparing them to suit your requirements. Once you are done with the first step, your lender will guide you through the rest of the process.
VA.org connects Veterans to top-notch VA lenders. Fill out the VA loan form to check your eligibility.