A VA loan is a long-term financing and mortgage loan, guaranteed by the US Department of Veteran Affairs. In order to avail the benefits of this program, individuals must pass the VA guidelines of eligibility.
Generally, the VA-backed loan program is available to veterans, Reserve/National Guard members, personnel in active duty and some qualified surviving spouses.
On the other hand, surviving spouses can fall under the following categories.
Loan eligibility varies depending on the kind and duration of service that has been rendered. Surviving spouses generally fall under unique and separate set of eligibility rules compared to actual servicemen.
Veterans who rendered service during World War II, the Korean War, and the Vietnam War can follow these VA guidelines of eligibility.
Check your county's VA home loan limits to determine the pricing standards in the area where you wish to buy a home.
Veterans who served during the peaceful periods are also qualified based on the following.
If an individual is currently on active regular duty (i.e. not active duty for training), he/she may be eligible for a VA loan after 181 days of service.
Veterans are advised to submit their DD Form 214; a copy showing the character of service; and a narrative reason for separation from service. Conversely, active servicemen need a current statement of service with the signature of the adjutant or the commander of higher headquarters.
This statement must show the following items.
Personnel currently in the Armed Reserve or the National Guard, who have never been activated for Federal duty, require similar documents as that of active servicemen plus information on the total number of creditable years of service.
Surviving spouses of members who died in active duty are required to submit the following documents.
While spouses of veterans who died due to military service inflicted conditions are requested to file copies of the following documents
The qualifications and supporting documentation must be compiled according to these VA guidelines of eligibility when filing for the Certificate of Eligibility (COE).