Eligibility
Requirements
To be eligible for a VA loan, you or your spouse must meet the basic service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility (COE) and satisfy the lender’s credit and income requirements. You may be eligible for a VA loan by meeting one or more of the following requirements:
- You have served 90 consecutive days of active service during wartime, OR
- You have served 181 days of active service during peacetime, OR
- You have 6 years of service in the National Guard or Reserves, OR
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
- If you don't meet these requirements, you may still be eligible
VA loans have more lenient guidelines than many other loan programs and allow for a wider range of credit scores, debt ratios and loan to value. The below table summarizes funding fee rates for the most common types of loans for all Veterans (Regular Military, Reserves, and National Guard)
Calculate my payment.*
(estimate only)
*Payment does not include taxes and insurance
Loan Options
| Type of Loan | Down Payment Amount | Percentage for First Time Use | Percentage for Subsequent Use |
|---|---|---|---|
| Purchase and Construction Loans | None 5% but less than 10% 10% or more* | 2.30%* 1.65%* 1.40%* | 3.60%* 1.65%* 1.40%* |
| Cash-Out Refinance Loans | N/A | 2.30%* | 3.60%* |
| IRRRLS | N/A | 0.50%* | 0.50%* |
As of January 1, 2020 loan limits were lifted for the majority of VA loans meaning $0 down payment for more Veterans, Service Members and select military spouses when purchasing a home.
When applying for a VA loan, our team will help you obtain your certificate of eligibility (COE) from the VA and walk you through the process of utilizing your home loan benefits.
Veterans with a service-connected disability may be exempt from funding fee
*Please visit our Disclosures page for more details for all loan types.
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