WHAT IS A VA Loan?
A VA loan is a mortgage loan that’s issued by private lenders and backed by the U.S. Department of Veterans Affairs. It helps U.S. veterans, active duty service members, and widowed military spouses buy a home. This type of loan doesn’t require a down payment.
VA LOAN REQUIREMENTS
In order to be approved for this loan, military personnel have to meet the VA’s specific service requirements.
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You’re an active duty service member or an honorably discharged veteran who had 90 consecutive days of active service during wartime or 181 days of active service during peacetime.
Or, you’re a National Guard member with at least 90 days of active service, including at least 30 consecutive days under Title 32, Sections 316, 502, 503, 504, or 505.
If you were to go through the application process, you would need a Certificate of Eligibility (COE) to show mortgage lenders that you qualify for a VA loan. You can apply for a COE through the VA website, by mail, or through your lender.
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