VA Loan Application Service Requirements

A VA loan is available through qualified lenders or the origination portal and is guaranteed by the United States government through the U.S Department of Veterans Affairs (known as the VA). The VA loan program began in 1944 as part of the "Servicemen's Readjustment Act" passed by the United States Congress. Under this new legislation, loans made to veterans for homes, farms, and businesses were - for the first time - backed by the United States Government. For more than fifty years, from 1944 until 1992, VA loan programs were only available to to active duty military personnel and only during certain specified time periods.

In 1992, the Veterans Home Loan Program Amendments that were enacted extended the VA loan program to include those who served in the National Guard, Reservists, veterans, and certain classes of surviving spouses. Besides just securing loans and making them easier to get, the Servicemen's Civil Relief Act protects qualifying military personnel from financial hardships that happen during active duty and freezes interest rates for them.

If you are considering a VA Loan, or are wondering if its even an option, there are several things to think about. VA home loan centers is a trusted resource that can provide answers to your questions. The staff are usually pretty up to date on all the VA Loan requirements, and will know what documents you will need and requirements you will have to meet. When you are ready to purchase a home, you will need your COE (Certificate of Eligibility). Although VA HLC can order this for you, to do this on your own, you simply need to go to your eBenefits portal and sign in to your "My eBenefits" (a tab usually on the left side of the screen). Then you go to the Housing tab on that page, fill out the required information and log your credentials, and then request your Certificate of Eligibility (COE). If you don't want to do this online or at the VA home loan centers office, you can request your COE by mail. If you don't have access to a printer, you'll need to contact VA HLC and request a VA Form 26-1880.

Currently, in order to be eligible to get a VA Loan you need to fall into one of the following six categories:

Active duty Veteran, discharged during World War 2 or later, without any kind of "dishonorable" status. Active duty Veteran with at least 90 days (consecutively) of service during a war or major conflict Peacetime Veteran or Active duty (and former duty) personnel with 180 days of service (consecutively). Enlisted Veterans who served two years as officers and enlisted after 1981, or enlisted Veterans whose service began after 1980 but before 1981. Selected Reserves and National Guard servicemen with at least 6 years of service (or those currently deployed). An unmarried spouse of a veteran who died in service.

If you fit into any of these categories, and would like to apply, you need to start the process by obtaining your Certificate of Eligibility. There are different documentations required for different categories, like a surviving spouse will need: a copy of the veteran's DD Form 214, a copy of the death certificate, and a copy of the marriage certificate. Also, a DIC (Dependent and Indemnity Compensation) form is sometimes required.

Also, you will need your last 2 tax returns (schedule C if self employed), your most recent pay-stub or LES, asset statements (bank account statements).

The important thing to do is start the VA home loan application process by getting your COE and gathering the documents you'll need to qualify for a Veterans Home Loans.


------

Visit VA HLC to complete the VA home loan application or call 888.573.4496 for more information. About the author: Philip Georgiades is the Chief Loan Steward for VA Home Loan Centers (San Diego division).