• Veterans who had at least two years of continous service on active duty service and a honorable discharge from a branch of the United States Military.
  • Veterans  who had six years of continous service in the Selected Reserves and/or National Guard Service with no less than a honorable discharge.
  • Veterans with 90 days active-duty wartime service and no less than a honorable discharge from a branch of the United States Military.
  • United States Veterans with at least a 181 days of continuous active-duty during peacetimes which the dates are below with no less than a honorable discharge.

July 26, 1947 – June 26,- 1950

February 1, 1955 – August 4,- 1964

May 8, 1975- August 1, 1990

  • A person who is an unmarried surviving spouse of a United States Veteran.

Eligibility Determined By The United States Department Of Veterans Affairs

Veteran who has died when the veteran was on active duty and/or as a consequence of military service associated illnesses and/or injuries.

Obtaining a COE: Certificate of Eligibility

One of the key things that is required to qualify for Veteran Administration Loans is a certificate of eligibility, or COE.  The certificate of eligibility can be retrieved by visiting Department of Veterans Affairs Website or by calling the Department of Veterans Affairs at 888-768-2132.  Veterans can also visit a regional VA Office Centers that is closest to them.

VA Loan to Value (LTV) Ratio and VA Downpayment Requirements

If you are a veteran, you can qualify for a no money down payment, 100% financing VA Loan.  There is funding fees on all VA Loans, however, the funding fees can be rolled into the balance of the VA Loan.  There are no reserve requirements and the closing costs can be paid through a sellers concession or a lenders credit so no closing costs will be required with VA Loans.

What are VA Loan Amount Limits

One great feature about VA Loans is that there is no maximimum loan limits that a veteran may be eligible to borrow.  There are high balance VA Loans where if the property is located in a high cost areas, such as many parts in California, a qualified veteram can borrow up to $1,094,625.  Most VA mortgage lenders do not want to lend a VA loan borrower no more than $729,750.  Most VA loan limits in standard areas are capped at $417,000 for VA Loans.

Credit Score and Occupancy Requirements

Minimum credit score requirements for VA Loans depends on the individual VA lender and the lowest credit score required is 550 FICO.  Most VA mortgage lenders want to see a credit score of 620 FICO or higher.  All VA Loans are for owner occupied properties and not for second homes or investment home financing.

 Related> FAQ and Answers on VA Loans

Related> 5 steps to VA Loan Financing

Related> Eligibility of VA Loans