VA Loan Eligibility



VA Loan Eligibility

To be eligible for a VA Home Loan, military service members must meet basic service requirements mandated by the Federal Government.

VA has the final word on Veteran eligibility, but if you meet one or more of the following guidelines you may be eligible for a VA Home Loan:

  • You have served 2 years (including 90 consecutive days) of active-duty service during wartime.
  • You have served 2 years (including 181 consecutive days) of active-duty service during peacetime,

Don’t meet these guidelines? You may still be eligible for a home loan. To find out more about whether you qualify, call one of our VA Home Loan Specialists at (208) 287-1705 or get started online by clicking here or using the buttons to the right.

How to Apply for a VA Loan Certificate of Eligibility (COE)

Your Certificate of Eligibility verifies the length and character of your service. Both of which impact your VA Home Loan benefits.

You don’t need to have a certificate of eligibility in hand to start the VA pre-approval process. In fact, the easiest way to obtain your COE is through a VA Approved Lender who had direct access to the VA portal. In fact, you can ask us to obtain the COE on your behalf and we are happy to do so.

There are three ways to obtain your Certificate of Eligibility:

  • Apply through an approved VA Lender, such as Benchmark Mortgage. (208) 287-1705. As a delegated VA Lender, we have access to the VA portal and can do the work for you. Click Here to Start
  • Apply online through the VA eBenefits portal
  • Apply by mail using the VA Form 26-1880 which can be obtained by contacting the Veterans Administration.

To apply for your certificate of eligibility or find out more about whether you qualify, call one of our VA Home Loan Specialists at (208) 287-1705 or get started online by clicking here or using the buttons to the right.

VA Home Loan Income Requirements

The Veterans Administration sets forth income guidelines for qualifying for a VA home loan which includes having a stable income that is expected to continue and is sufficient to cover monthly expenses including their new mortgage payment.

Additionally, the VA requires a certain amount of “residual income.” This is money “left over” each month after all major expenses are paid and meant to cover living expense such as food, transportation miscellaneous needs.

Residual income guidelines are unique to the VA Home Loan program. They help set the Veteran up for success in home ownership by ensuring they have extra money available to cover rainy-day expenses.

To find out if your income meets VA guidelines or to find out more about whether you qualify, call one of our VA Home Loan Specialists at (208) 287-1705 or get started online by clicking here or using the buttons to the right.

How to Apply for a VA Home Loan

While every buyer’s situation is different, it typically takes 25-30 days to close on a VA Home Loan at Benchmark Mortgage, but only about 24 hours to find out if you qualify. Making application does not obligate you in any way to a particular lender or even to complete a purchase. Because of this, it’s always best to talk to a lender before you go home shopping just to make sure your ducks are in a row.

There are two simple steps to starting a VA Loan Application:

  • Contact a VA approved lender like Benchmark Mortgage and start the VA Loan application.
  • Finalize your loan application by providing the paperwork required by the Veteran’s Administration including basic documents such as:
    • Current LES or Paystubs for the last 30 days
    • W2s and Tax Returns for the last 2 years
    • Account Statements for the last 2 months (all assets, all pages)
    • DD214 or Statement of Service
    • Driver’s License and Social Security Card

To find out more about whether you qualify, call one of our VA Home Loan Specialists at (208) 287-1705 or get started online by clicking here or using the buttons to the right.

 

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