Do you think you qualify for a VA home loan? Make sure you’re fully aware of the requirements. Backed by the US Department of Veterans Affairs, VA loans are $0 down mortgages available to Veterans, Service Members, and select military spouses. You can apply for the loan through a mortgage company, a credit union, or a bank, and the application process is no different from that for other types of loans. Lenders will review your income, debt, and credit to make a decision and determine the interest rate to be charged. But before all that, you need to determine whether you’re even eligible for a VA loan. Study the following VA home loan requirements to check your eligibility: VA Home Loan Eligibility Requirements To qualify for a VA loan, you must possess a valid Certificate of Eligibility (COE), meet the basic service requirements issued by the Department of Veterans Affairs (VA), and satisfy the lender’s income and credit requirements. Service Requirements You should be eligible for a VA loan if you meet ONE of the following service requirements:

• Served 90 consecutive days in active service during wartime
• Served 181 days in active service during peacetime
• Have 6 years of service experience in Reserves or the National Guard
• You’re a spouse of a service member who lost their life due to service-related disability or while in the line of duty during wartime.

One crucial document you’ll need is the VA certificate of eligibility (COE), which is issued by the Department of Veteran Affairs that confirms that you meet the service requirements for a VA home loan. Yet, it’s not necessary to possess or submit your COE when applying for a VA loan because VA lenders are able to pull your COE instantly through the VA’s automated system. Credit Requirements It’s important to note that there isn’t any minimum credit score requirement to qualify for a VA loan; yet, lenders have their own FICO score standards that range from low- to mid-600s. Like for any other loan, they’ll also go through your credit history, especially your records pertaining to making payments. Down Payment Requirements As mentioned earlier, VA loans don’t normally demand a minimum down payment, but if the home’s purchase price is higher than the property’s appraised value, you’ll need to make up for the difference. Likewise, if you have VA loan limits and the price of the home exceeds the county loan limit, you’ll still need to pay a down payment. Nevertheless, making a down payment benefits you in several ways, such as establishing you as a serious buyer and reducing the VA funding fee. Property Requirements VA also sets certain minimum property requirements that ensure that homes financed through VA loans are structurally sound, sanitary, and safe. The lender will rely on a qualified appraiser to predict the home’s market value and ensure that it meets the minimum property requirements. S Conclusion If you find the above-discussed VA home loan requirements confusing, a local mortgage broker can help you. If you’re ready to apply for the loan, they’ll take care of the entire process for you. For more insights into VA home loans, consult a mortgage broker from Elite Mortgage Source.