If you want to know if you qualify for a VA Home Loan, you should speak to a VA lender, but as long as you meet certain document requirements, which were put in place by the Department of Veterans Affairs, you should be OK. However, one of the most important documents to have is the Certificate of Eligibility known as COE and you must also satisfy credit history and income verification requested by the lender.
The Veteran Service Requirement
There are some other requirements necessary to be eligible for a VA home loan and this includes one of the following:
- Having served in active service for 90 days consecutively during any form of war
- Having served in active duty for 181 days during a time of peace
- Having served 6 years service as an Army Reserve or National Guard
- Being a spouse of an army service member who, in the line of duty has died or suffered some form of disability
You don’t actually need to have the COE in your hand to submit an application for a VA home loan, but the lender must have access to it through the veteran’s automated system. The COE gives the lender confirmation that you are receiving benefits from the VA and for this reason; you are eligible for a loan.
When applying for a VA home loan, you must provide proof of having served in the army and this often starts with the COE for those who regularly serve in the military. If you are a National Guard, then you would need forms NGB 22 and NGB 23. Here is a list of documentation proof you have to consider:
- Statement of Service
- DD Form 214 (Report of Separation)
- NGB Form 22
- Proof of Discharge from Army Reserve
The Department of Veterans Affair does not have any set credit score for a VA loan. However, most lenders usually do and that minimum credit score for a VA mortgage is 660. In addition to the credit score, the borrower must provide tax returns, W2s, bank statements and anything else that provides income and expense.