Do I Qualify for
a VA Loan?

In 1944, President Franklin D. Roosevelt created the VA Loan as part of the GI Bill to help veterans secure their own properties. Since then, it’s helped 24 million service members become homeowners. 

 

There are many ways to qualify for a VA Loan, so read up on the basic requirements. This includes service, lender, and property requirements.

 

VA Loan Requirements

1. VA SERVICE REQUIREMENTS

 

Service requirements for a VA loan
breakdown of service requirements to become eligible for VA benefits

2. LENDER REQUIREMENTS*

 

Lender requirements to become qualified for a VA Loan
VA loan requirements

3. MINIMUM PROPERTY REQUIREMENTS

VA loan minimum property requirements

The Department of Veteran Affairs sets both service and property requirements for VA Loans. However, lenders also get to set their own requirements. After all, they’re the ones who actually finance the loan, while the VA only backs the loan.

 

How well you meet the lender’s qualifications will determine how good a deal you’ll get. Therefore, the interest rate, terms, and fees you receive will vary based on which lender you choose. That’s why it’s so important to compare offers before settling on any one mortgage. Getting a loan with an even slightly smaller interest rate could mean saving thousands in interest in the long run. So, explore your options from a variety of VA-approved lenders before you commit.

 

For more information on how to qualify for a VA loan, book a meeting to speak to one of our VA Mortgage Consultants.