To be eligible for a VA loan, you must have served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940. You must have been discharged under conditions other than dishonorable after either:
• 90 days or more, any part of which occurred during wartime, or
• 181 continuous days or more (peacetime).
2-year requirement: A greater length of service is required for veterans who:
• enlisted (and service began) after September 7, 1980, or
• entered service as an officer after October 16, 1981.
These veterans must have completed either:
• 24 continuous months of active duty, or
• the full period for which called or ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime).
VA loan facts:
- The minimum credit score is 620 for a purchase or refinance
- A tri-merged credit report must be obtained on all borrowers
- The maximum loan amount is $417,000 for a purchase or refinance
- All borrowers must have a valid social security number & are required to be checked against CAIVRS & to be clear on all loans
- Members of the Reserves & National Guard who are not otherwise eligible for loan guaranty benefits are eligible upon completion of 6 years service in the Reserves or National Guard
- A Certificate of Eligibility must be issued by the Veterans Administration as evidence that the veteran meets the basic requirements for a VA loan, as determined by the VA. The certificate must be obtained online or by mail.
- Any person on the loan application is a borrower and must sign the Note.
- Co-borrowers who are not the spouse of the veteran must be approved by VA Joint Loans guidlines
- Non-occupant co-borrower and co-signers are not permitted
- Escrow waivers are not allowed
If you have any quesitons about VA loans, please leave a comment or send us a message.