| What are the requirements to get a VA loan? |
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| You may qualify for a VA loan by meeting one or more of the following requirements: |
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| • You served 90 consecutive days of active service during wartime. |
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• You served 181 days of active service during peacetime. |
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• You have 6 years of service in the National Guard or Reserves or served 90 days (at least 30 of them consecutively) under Title 32 orders. |
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• You are the spouse of a service member who died while serving or due to a service-related disability. |
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Lenders need what's known as a Certificate of Eligibility (COE) to verify if a Veteran meets the minimum service requirements.
Your COE proves to the lender that you qualify for VA loan benefits.
For most Veterans, this is an easy step.
Florida’s VA Mortgage Center pull your COE with only your social security number and date of birth.
In some cases, the process may be more complex. We usually run into some difficulties with early service year Vietnam Veterans, and Korean War Veterans, as all those records are not yet computerized.
However, please remember that you don't need this document before applying for a VA loan.
Just call Florida’s VA Mortgage Center and we’ll help with getting your COE.
You must be a veteran, an active-duty service member, or a qualifying member of the National Guard or Reserves. The specific length and type of service required can vary, but generally, veterans who have served on active duty for at least 90 consecutive days during wartime or 181 days during peacetime are eligible. National Guard and Reserve members may also be eligible based on their service history.
Your discharge status should be other than dishonorable. Veterans with a dishonorable discharge are typically not eligible for VA loans. If you have questions about your discharge status or believe it is incorrect, you can apply for a discharge upgrade through the VA.
Your discharge status should be other than dishonorable. Veterans with a dishonorable discharge are typically not eligible for VA loans. If you have questions about your discharge status or believe it is incorrect, you can apply for a discharge upgrade through the VA.
Your discharge status should be other than dishonorable. Veterans with a dishonorable discharge are typically not eligible for VA loans. If you have questions about your discharge status or believe it is incorrect, you can apply for a discharge upgrade through the VA.
You need a Certificate of Eligibility (COE) to prove your VA loan eligibility. You can obtain a COE through the VA's eBenefits portal, by mail using VA Form 26-1880, or by asking your lender to request it electronically. The COE verifies your length and character of service and whether you have any remaining entitlement.
While VA loans are known for their flexible credit requirements, individual lenders may have their own credit standards. Generally, a reasonable credit history and ability to demonstrate your willingness and ability to repay the loan are important.
Lenders will assess your income and employment stability to ensure that you can afford the mortgage payments. While there is no specific income requirement, you should have a stable source of income.
Lenders typically look at your debt-to-income (DTI) ratio, which compares your monthly debts to your gross monthly income. The maximum allowable DTI ratio can vary but is generally around 41% to 50%.
The property you intend to purchase with a VA loan must meet certain requirements, including being in habitable condition and intended for use as your primary residence.
VA loan limits can vary by location and are based on the conforming loan limits set by the Federal Housing Finance Agency (FHFA). You can use a VA loan to purchase a home within these limits without making a down payment. If you want to purchase a home that exceeds these limits, you may need to make a down payment on the excess amount.
The three ways you can obtain your COE for a VA loan are:
1. Applying through a VA approved lender
2. Applying online through the VA's e-Benefits portal
3. Applying by mail with VA Form 26-1880
According to the VA, nearly all COE requests come electronically, and about two-thirds get issued immediately. If additional documentation is required, it's typically a DD Form 214 for regular military and the NGB Form 22 and NGB Form 23 for National Guard and Reserves.
However, this isn't always the case. See the required forms for each service type below.
loan benefits. Getting a COE as a surviving spouse depends on whether or not you're receiving Dependency and Indemnity Compensation. Spouses receiving Dependency and Indemnity Compensation benefits must fill out VA Form 26-1817 (Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses) and obtain a copy of the Veteran's separation paperwork, such as a DD Form 214.
Although the VA determines the guidelines for VA loan eligibility, private lenders who finance the home typically have an additional set of requirements borrowers must satisfy. These typically include sufficient reliable income to repay the loan, acceptable levels of debt, and a credit score that meets the lender's credit requirements.
The VA does not set a minimum credit score requirement for VA loan eligibility, but lenders typically do.
Because of this, VA loan credit score requirements vary by lender, with most lenders typically requiring a 620 mortgage credit score to obtain financing.
At Florida’s VA Mortgage Center, we can get scores as low as 500 approved, just call and ask for details! 727-777-4999
In addition to credit score, the VA requires qualified Veterans to maintain a certain amount of income left over each month after paying all major expenses. The excess, known as residual income, should be enough to cover typical family needs, such as food, transportation and medical care.
By enforcing residual income requirements, the VA increases the chances of borrowers earning sufficient income to meet all financial obligations and ensures borrowers have a cushion in the event of an emergency.
Alongside residual income, lenders also consider your debt-to-income (DTI) ratio. DTI and residual income give lenders a holistic look at your purchasing power and ability to qualify for a VA loan.
Veterans and service members don't need to know if they're eligible for a VA loan to try and start the process. You'll get a good handle on your ability to land a VA loan during the first step – loan preapproval.
The VA loan process typically takes 30 to 45 days once you're under contract on a home, although every buyer's situation is different. Applying for a VA loan doesn't obligate you in any way to a particular lender or to move forward with the homebuying process.
Here's a look at the three basic steps to applying for a VA home loan:
Obtain your Certificate of Eligibility – we do this for you at Florida’s VA Mortgage Center!
Finalize your loan application and provide all necessary paperwork including W-2s, tax returns and additional financial information.
This typically includes:
- Proof of income (pay stubs, W-2 forms, tax returns)
- Bank statements
- Proof of employment and employment history
- Information on outstanding debts (credit cards, car loans, student loans)
- A list of your monthly expenses
- Your credit report (Florida’s VA Mortgage Center will obtain this)