VA Loan Eligibility

Through dedicated service to our country, military service members and veterans qualify for a range of benefits earned through their service. Chief among those benefits is an opportunity to take part in the VA Loan program.

While the VA Loan is designed specifically for those who served, there are a handful of requirements. In order to qualify for a VA Loan there are specific service conditions each borrower must meet. Typically, borrowers can qualify for a VA Loan with more than 90 consecutive days of service during wartime or more than 181 days of service during peacetime. Service members and veterans may qualify with more than six years of service in the National Guard or the Reserves. Finally, spouses of a service member who died in the line of duty or who died from a service-connected disability may also qualify.

Still not sure if you qualify? Call 818-773-0033 to speak with an expert.

The Department of Veterans Affairs will determine your eligibility based on your service record and issues your Certificate of Eligibility (COE). For those interested in obtaining their COE, you may go directly to the VA to apply for your COE, or you can contact Effective Mortgage Company and we can secure your COE for you quickly and easily.

Although the VA determines the guidelines for those who are eligible for the VA Loan benefit, private lenders who finance the home purchases have an additional set of criteria a potential borrower must satisfy, including debt, income and credit requirements.

When you apply for a VA Loan, your VA mortgage specialist will pull your credit score as well as examine your debt-to-income ratio. Effective Mortgage pulls credit scores from the three leading credit agencies and uses the median score to determine if you meet requirements. Your debt-to-income ratio is determined simply by dividing your income by your debt. The lower the percentage, the better.

Qualification for VA Loan

90 consecutive days of service during wartime
181 days of service during peacetime
Service members and veterans may qualify with more than six years of service in the National Guard or the Reserves
Spouses of a service member who died in the line of duty or who died from a service-connected disability may also qualify.