Can Anyone Qualify for a VA Loan?

Service Eligibility

You must meet one of the following service requirements:

• The applicant is an active duty service member, or a veteran who was honorably discharged (no recorded offenses).
• Must have had 90 successive days of active duty if a war is going on, or 181 days of active duty if it is a period or harmony.
• The applicant has done over six years of active service for the National Guard or the Selected Reserve.
• Must be the spouse of a service member who was killed while in active service or duty.
• If an applicant is qualified, they must show lenders the Certificate of Eligibility that they acquired from the VA department.
• A certificate may be requested through the Department of Veteran Affairs’ website. There are also options of acquiring a certificate through mail or even through the lenders themselves.

Credit and Income Requirements

VA loans require borrowers to have a satisfactory credit score and sufficient income to cover the loan payments and other housing-related expenses.

Occupancy

The property purchased with a VA loan must be the borrower’s primary residence.

Property requirements: The property must meet the VA’s Minimum Property Requirements (MPR), which ensure the home is safe, sound, and sanitary.

Lenders may have additional requirements for borrowers, such as stricter credit score or debt-to-income ratio thresholds. 

Keep in mind that meeting the basic eligibility requirements does not guarantee loan approval, as final approval is subject to the lender’s underwriting process.

Check our VA loan page to know more or call us at Sprint Funding.