VA loans have amazing benefits, and they’re reserved only for those who have directly or indirectly served our country with the armed forces or other related organizations. There are basic general requirements for VA loan eligibility, as well as some service-specific requirements. Before you can get approved for a VA loan, you’ll need to obtain a certificate of eligibility (COE) that confirms your service through the VA. Your lender may also have certain requirements to consider. At Riverside Mortgage Group, our skilled mortgage professional David Sefton happy to help you through every step of the VA loan application process. We connect clients in Beaverton, Portland, Gresham, and Oregon City, OR, with the most competitive rates from national lenders. Contact us to get started.
Basic VA Loan Eligibility Requirements
VA loans are fully funded by private lenders, but they’re insured and semi-regulated by the U.S. Department of Veterans Affairs. While your lender’s unique eligibility requirements may vary, the VA requires that you have satisfactory credit, sufficient income, and agree to use your newly purchased home as your primary residence. You can provide documentation like a credit report, W2s, and tax returns for these requirements. To obtain a COE, you’ll need to submit documentation that shows you served in the military, are serving in the military, are the spouse of someone who died during service or because of service-related injury or are otherwise eligible.
VA Loan Eligibility Service Requirements
The following are service requirements to obtain a COE:
- You must have served at least 90 consecutive days of active duty during wartime
- You must have served at least 181 days of active service during peacetime
- You are a member of the National Guard or Reserves with more than 6 years of service
- You are the surviving, unremarried spouse of someone who was killed during service or who died from a service-related injury. Widows and widowers of servicemembers who remarried at age 57 or older may also still be eligible for a VA loan
- You are the surviving spouse of a servicemember declared missing in action (MIA) or prisoner of war (POW)
- You worked with a government allied with the United States during World War II
- You work for the National Oceanic and Atmospheric Administration (NOAA) or certain other non-military government groups
You can apply for your COE through a VA approved lender (we know plenty), online through the VA eBenefits portal, or even by mail. We can help you collect the correct forms and paperwork before you submit your application for a COE.
Ensure Your Dream Home is Eligible
VA loans may only be used for certain approved purposes, including:
- Purchasing a House
- Purchasing a Condo in a VA-Approved Building
- Building a Home
- Purchasing and Improving a Home
- Installing Energy-Efficient Features
- Buying a manufactured home, lot or both
- Refinancing an existing mortgage
The VA limits the value of loans it will insure. In Beaverton and nearby cities, that limit is $453,100. You are free to purchase a home that exceeds this limit using a VA loan; however, you will need to pay 20% of the difference between $453,100 and the value of your loan.
We’re Here at Every Step
When you’re ready to learn more about VA loan eligibility, David Sefton at Riverside Mortgage Group is just a call away. If you live in Beaverton, Portland, Gresham or Oregon City, contact us for more about obtaining a COE, uses for a VA loan, finding a local real-estate agent, and much more. We also offer free quotes when you’re ready to start the journey toward owning a home.