Start with your Certificate of Eligibility

Your Certificate of Eligibility (COE) is the first step in confirming whether or not you can qualify for a VA loan. It verifies that you meet the VA’s minimum service requirement, and it also indicates how much entitlement you have.

How do I get my COE?

Purchase Loan & Cash-Out Refinance: VA loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender.

CLICK HERE FOR THE COE LINK

What are the service requirements?

Basically, if you served in the military, there’s a pretty good chance your service qualifies, as long as you served enough time during an approved time period. The three most common eligibility categories that apply to most veterans are:

• 90 total days of active duty service during wartime
• 181 consecutive days of active duty service during peacetime
• 6 years of service in the National Guard or Reserves

Are there any exemptions?

Some former servicemembers may still qualify for a VA loan, even if they don’t meet any of the above requirements. These exemptions are only granted if you were discharged because of:

• Service-connected disability
• Certain medical conditions
• Hardship
• Reduction in force
• Early out (where you served at least 21 months of a 2-year enlistment)
• The convenience of the government (but you served at least 20 months of a 2-year enlistment)

Other eligibility requirements

From the VA:

• Allowed income
• Residual income
• Debt-to-income ratio
• Occupancy

From lenders:

• Employment history
• Income levels
• Credit score*

*While the VA doesn’t have a minimum credit score requirement, a lot of lenders set their own. This is called a lender overlay. While Low VA Rates doesn’t normally use overlays, the coronavirus pandemic has affected the market in such a way that we currently do require a 550 minimum FICO score for IRRRLs.

Spouses of Veterans

A veteran’s or servicemember’s spouse may receive VA loan benefits if they do not remarry before 57 and if the veteran:

• Died in service or from a service-related disability
• Was totally disabled (even if the disability didn’t cause death)
• Is missing in action (MIA) or a prisoner of war (POW)

Other Service Organizations

Those who have served in other organizations may also qualify. These include:

• Public Health Service officers
• National Oceanic & Atmospheric Administration officers
• WWII merchant seaman
• US Military, Air Force, or Coast Guard Academy cadets
• US Naval Academy midshipmen