Merritt Real Estate Blog

 Are you curious who qualifies to receive a VA loan?

Per Kori Weiss at KTL Performance Mortgage, here is some in-depth information on who qualifies for a VA loan.

In general, the following types of service are eligible:

• Active Duty
• Veterans
• Reservists
• National Guard
• Surviving Spouses may be eligible if their spouse died in the line of duty or as a result of a service-related disability. To be eligible, a surviving spouse cannot have remarried.

Typically, veterans and service members are eligible if:

• They have served 90 consecutive days of active service during wartime, OR
• They have served 181 days of active service during peacetime, OR
• They have more than 6 years of service in the National Guard or Reserves

Eligibility is ultimately determined by the Veterans Administration. It is based on the veteran’s length and type of service, type of discharge, and previous use of the program. However, veterans CAN take advantage of a VA loan more than once.

The VA uses a document called a Certificate of Eligibility (COE) to outline the veteran’s eligibility. A lender will request the COE directly from the VA on behalf of the buyer and they will typically receive an immediate response.

In the event the lender does not receive an immediate response, there may be additional documentation that the Veteran needs to provide. Lenders work with the Veteran to determine exactly which documents they need to obtain, and then will submit that documentation to the VA.

VA loans are a wonderful option for our veterans and service members! They offer great rates, flexible qualifying requirements, no monthly PMI, and an upfront funding fee that can be financed into the loan amount. There is no minimum required down payment.

If you have questions or would like to learn more about VA loans, please reach out and let me know!