About the VA Home Loan Program
The Department of Veterans Affairs VA Home Loan Program provides a guarantee of the mortgage in the event of a default and allows a military veteran or service member to finance up to 100% of the home as well as certain allowable closing costs and funding fees.
VA Home Loan Program Eligibility
In order to be eligible for A VA home loan, a US Military veteran must be honorably discharged and have served on Active Duty (or the equivalent of at least 6 months of active duty while serving in the National Guard or Reserves). Active Duty military personnel are eligible for a VA Home loan provided that the six month service requirement has been met. Spouses and family members are not eligible for a VA home loan as the guarantee only applies to the veteran or service member. A husband/wife or spouse may assume the VA home loan upon death of the service member, although eligibility of the passing of benefits to the spouse should always be verified with the Department of Veterans Affairs.
Am I Eligibile for a VA loan?
Provided that the veteran or service member has met the six month cumulative Active Duty requirement with an honorable discharge (based on the separation code annotated on the service members DD-214 Certificate of Discharge from Active Duty and statement of service), this should generally satisfy the VA home loan eligibility requirements. Final verification should be completed through the Department of Veterans Affairs website to verify all VA Home Loan Requirements.
Obtaining a Veterans Affairs – VA Certificate of Eligibility
Eligible veterans with a DD-214 statement of discharge and current members of the US Armed Services will need to go the the Department of Veterans Affairs website. Once on the VA Home Loans website the borrower will need to request login credentials to receive a Certificate of Eligibility (COE).
VA Loan DD-214 Requirement
If trying to get a VA loan and unable to locate your DD Form 214 “Certificate of Release or
Discharge from Active Duty,” the Department of Veterans Affairs can issue a VA Home Loan Certificate of Eligibility or they can replace a DD-214, although replacing this form can take several weeks or longer.