Most veterans who are honorably discharged are eligible for the VA loan benefit (see complete details below). VA eligibility is evidenced by the DD 214 form or a written certificate of eligibility. It is possible after having used your VA eligibility that you have no eligibility remaining or your “entitlement” is in use or has been used. Sometimes VA records are incorrect and a request has to be made to “restore your entitlement.” In all cases we can help you request your eligibility or check your entitlement status.
You may have VA Eligibility if:
- Active-duty Veteran discharged during WWII or later
- Active-duty Veteran with at least 90 consecutive days of service during major conflict
- Peacetime Veteran and active-duty personnel with at least 180 days of consecutive service
- Enlisted Veteran whose service began after 1980, or officers whose service began after 1981, and who have served at least 2 years
- You are the spouse of a service member who was killed in the line of duty
You must have both VA eligibility and qualify for the VA loan.
VA Loan Qualifications
With the VA eligibility done you are ready to review VA loan qualifications. Although the VA loan qualifications are flexible compared to other loans, certain guidelines must be met. It is also important to note in most cases VA loans require on time payments (not 30 days delinquent) for the previous 12 months. Refer to the chart below for basic VA loan qualifications.
VA Purchase Guidelines:
VA Loan Step by Step Process:
Below find a flow chart in determining if you are eligible for a VA Purchase or VA Refinance loan: