VA loan

requirements

why VA loans are here.

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. 

 

how to qualify.

There are three parts to qualifying for a VA loan, so read up on the basic requirements. This includes:

1. VA service requirements

In order to get issued a Certificate of Eligibility (COE) you must meet one of the following service requirements:

  • 90 days of consecutive service during wartime
  • 6 years of service with the National Guard
  • 6 years as a reservist
  • 181 days of consecutive service during peacetime
  • Marriage to a service member who died on duty or a result of service-related illness
VA Service Requirements graphic

2. lender requirements

Lenders are free to set their own requirements for VA loans, so they vary from lender to lender. However, here are the most common denominators:

  • A Certificate of Eligibility (COE) or a DD-214
  • A debt-to-income (DTI) ratio of 60% or less
  • A move-in date within 60 days of closing (exceptions for deployed veterans)
  • Proof of income
  • A credit score of 620 or higher
Lender Requirements graphic

3. minimum property requirements

Finally, VA requires that the property you buy also meet minimum property standards. Their requirements include: 

  • working electricity
  • safe and adequate heating
  • free of infestation, mold, and dry rot
  • must have hot water, drinkable water, and working plumbing
Minimum Property Requirements graphic

why VA loans vary.

The Department of Veteran Affairs standardize both service and property requirements for all 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 insures it. How well you meet the lender’s qualifications will determine how good a deal you  get. And because every lender has different tolerances, abilities, and requirements, your rate and terms will vary with each offer. That’s why it’s so important to compare your offers.

our mission:
to find the best mortgage offers.

A study comparing U.S. lenders in 2019 found that the spread between the highest and lowest quotes was  higher for VA loans than any other loan type, at a whopping 109 basis points! That’s a difference of tens of thousands of dollars over the life of the loan. 

We verify your application and get you top quotes from a variety of lenders. There’s no cost and there’s no obligation. 

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