VA Loan Requirements and Certificate

Finding out if you qualify for a VA loan is the first step. Information on qualifying conditions and the application process for VA loans is provided in this section.

What is the VA Loan's Minimum Credit Score?

While some types of VA loan refinancing won't use your credit score, most lending institutions will use some sort of benchmark for your initial VA loan. That number hovers around 620 on average.

What Conditions Apply to VA Loan Programs?

You have served on active duty for at least 90 days.

You've served in the Reserves or National Guard for at least six years.

You've completed at least 181 days of active duty during a time of peace.

You can only serve a total of 90 days in accordance with Title 10 or 32. At least 30 of those days had to be straight ones in order to count as Title 32 service.

You are the spouse of a military service member who passed away in the line of duty or suffered a disability as a result of their duty. (Learn More: Surviving Spouses Eligible for VA Loans)

What Am I Going To Need to Get a VA Loan?

You must submit a COE, or Certificate of Eligibility, to your lending institution in order to be approved for a VA loan. Obtaining proof of service and completing the appropriate papers for your military branch are required steps in the process of getting a COE. On the VA website, you can print a COE request or submit an online application. You can get your COE confirmation right away if you have access to your eBenefits site. Expect it to take between 4 and 6 weeks to receive the Certificate of Eligibility if you print out your application and wait for a mail answer.

What Happens If I Don't Qualify for a VA Loan Given My Service?

If you were dismissed for any of the following reasons, you might still be able to obtain a COE, according to the VA:

Hardship

the government's convenience (you must have served at least 20 months of a 2-year enlistment)

early departure (you must have served 21 months of a 2-year enlistment),

Force reduction or certain medical conditions

a handicap related to service (a disability related to your military service)

Locate a VA Loan

Getting rate quotes from several lenders is the first step in using a VA loan for a buy or refinance. The remainder of the process, from COE through closing, is frequently then walked you through by your lender.

Read More  Home Owners Loan Corporation