A VA loan makes it easier for United States military personnel to invest in homeownership. VA loans come with competitive interest rates and flexible terms. Generally, they don’t require a down payment, and they also don’t require the borrower to have private mortgage insurance. There are plenty of other benefits, too, such as the ability to get a VA loan without having an especially high credit score.

In other words, VA loans are incredibly helpful—but who qualifies for them, exactly? In this post, we’ll look at some of the eligibility restrictions that are placed on VA loans, and help you determine whether this is a mortgage you should look into.

Who is Qualified for a VA Home Loan?

Some quick points about VA loan eligibility:

• Most members of the military, most reservists, most National Guard members, and most veterans are eligible to apply for a VA loan.
• Husbands and wives of military members who died in active duty, or who died as the result of a service-related impairment, can also apply for a VA mortgage.
• In terms of active-duty military personnel, you can usually qualify for a VA loan after about half a year of service.
• Members of the Guard, meanwhile, generally need to wait six years or so to apply—unless they are called into active duty, in which case that timetable can be accelerated considerably.
• During a time of war, any Guard member, reservist, or active-duty military member becomes eligible for a VA loan after 90 days of service.

In order to get a VA loan, it’s necessary to have a Certificate of Eligibility, which is issued by the military. With that said, you don’t actually have to have this document in your hands to start the application process. Many VA lenders can help you obtain this certificate, as part of the normal mortgage pre-approval process.

Which Homes Qualify for a VA Loan?

One additional point to make is that not all types of real estate can be purchased with a VA home loan. For one thing, it has to be a primary residence. You can’t use your VA loan to purchase a vacation home or a rental property.

Also, most VA lenders will only approve the loan for homes that are more or less move-in ready. So, you can’t use a VA loan to purchase a “fixer upper.”

Likewise, properties that are a little more unorthodox—such as large farms—will likely be denied by a VA lender.

Get Help Qualifying for a VA Loan

If you believe that you meet the eligibility standards for a VA loan, and want to know more about how the loan works—or even if you just want to ask about current home loan interest rates—reach out to our Los Angeles office today. We love working with those who have served our nation and look forward to guiding you through the home loan process.