Part of this eligibility is based on a person’s military service and there are strict guidelines established by congress regarding when you served, how you served, and how you were discharged.
You may also be eligible if you are the un-remarried spouse of a veteran who died in service or from a disability related to service or is missing or a prisoner of war.
To obtain your Certificate of Eligibility, you will need to apply using VA Form 26-1880, which will require a copy of your DD-214, which is your Certificate of Release or Discharge from Active Duty.
Here is a rundown of a few other legal requirements to be eligible for a VA Loan:
- The loan must be for an eligible home purchase.
- The homeowner must intend to occupy the home as a home within a reasonable period of time after closing the loan.
- The applicant must be a satisfactory credit risk.
- The income of the applicant and his or her spouse (if there is one), must be sufficient to cover payments, maintenance costs, and take care of family obligations.
- No one but the veteran and their spouse can be on the loan.
- In addition to the certificate, a loan applicant will also need to do the usual documenting of their credit, savings, and employment information that comes with most any loan. This generally includes:
- At least a 620 credit score.
- No foreclosures within the last 3 years.
- No bankruptcy within the past 2 years.