Who is eligible for a va loan

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All rights reserved. There is a funding fee for most borrowers though, which adds to the cost of your mortgage. They can be used to …. Different lenders have different qualifying criteria. But the VA encourages lenders to make VA loans available to all qualified veterans that apply. The government guarantees a portion of the loan to pave the way to easier approval. In most of the U.

Interest rates on VA loans are typically lower than rates on conventional mortgages. But rates and fees vary among lenders, so be sure to shop around.

When owed, the funding fee can be paid upfront or financed. Lenders may also charge additional fees , including any of the following:. Here is a list of our partners and here's how we make money. VA loans help thousands of military service members and veterans buy homes each year. Here's a look at who can apply and the requirements to qualify for a VA loan.

Backed by the U. Department of Veterans Affairs, VA loans are a benefit for active-duty and veteran military service members and some surviving spouses. You're eligible to apply for a VA loan if:.

You are on active duty and have served 90 continuous days. You are a veteran who meets length-of-service requirements, which generally are 90 days in wartime and days in peacetime. You completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard.

You are the surviving spouse of a veteran who died while in service or from a service-connected disability and you have not remarried. Or you remarried after age 57 or Dec. Spouses of service members missing in action or prisoners of war are also eligible. You may still qualify even if you don't meet the length-of-service requirements in some cases, such as being discharged for a service-connected disability.

Check with the VA for details. You may not be eligible if you received an "other than honorable," bad conduct or dishonorable discharge, although you can apply with the VA to upgrade your discharge status. You can apply for a VA loan through a bank, mortgage company or credit union that offers them.

The process is similar to applying for other types of mortgages — you supply employment, income and other financial information, and the lender decides whether you qualify. One unique item you'll need is a VA certificate of eligibility. The certificate of eligibility is a document from the Department of Veterans Affairs that shows you meet the service requirements for a VA loan.

You can request the document through the VA, or ask a VA mortgage lender to get the certificate of eligibility for you.