If you are a members of the National Guard, Air National Guard, and Reserves you may have a unique VA loan eligibility requirements to purchase a home with a VA Loan. But there is much more to getting approved for a VA Loan than simply being eligible. Let’s look at the VA Loan eligibility requirements, including the required types and documents you will need prior to you can make an application for a VA Loan.
Guard and Reserve VA Loan Eligibility
Current or former members of the National Guard, Air National Guard, and Reserves are qualified to request a VA Loan if they satisfy among the following:
- Served a minimum of 90 consecutive days on active duty during wartime.
- Served at least 181 consecutive days on active duty throughout peacetime.
- Finished six years of in-service time with their Guard or Reserve Unit (These need to be “Great Years” to certify).
Proof of Service
After fulfilling minimum service requirements to be eligible for a VA Loan, service members and veterans need to provide the VA with Evidence of service so they can acquire a Certificate of Eligibility, which they will provide to the real lender.
Proof of Service: Members of the Guard and Reserves who have active service time must have received a DD Form 214 when they were transitioned back to their Guard or Reserve status. Your DD Form 214 need to mention the overall number of days they served on active duty. Here are guidelines for getting a copy of your DD 214 if you do not currently have a copy.
Discharged Members of the Guard and Reserves: If you do not meet requirements for time served on active service, and you are not in the Guard or Reserves, then you can send copies of your separation paperwork or other accepted types. These include:
National Guard: NGB Kind 22, Report of Separation and Record of Service, for each duration of National Guard service, or, NGB Kind 23, Retirement Points Accounting, and proof of the character of service
Reserves: Copy of your newest annual retirement points declaration and proof of honorable service.
Certificate of Eligibility
A Certificate of Eligibility (CoE) is a requirement for each VA Loan application. Lots of loan providers can now process these forms for you if they have access to the VA Web LGY system. If the loan provider has access to the system, they may be able to acquire a Certificate of Eligibility in a few minutes. However, the VA may not have all service members’ records in their system, and you may apply for the CoE through another approach.
Eligibility Does Not Assurance a Loan
Meeting the above criteria will establish eligibility to get a VA Loan, but it will not ensure your application will be authorized. Lenders look at numerous aspects prior to approving loans, including your earnings, credit rating, financial obligation to income ratio, and other aspects.
Questions about VA loan eligibility? Give us a call at (844) 726-6924.