Eligibility for a VA Loan: Everything You Need to Know


Welcome to our comprehensive guide to VA loans! As a veteran or current member of the military, you may be eligible for a VA loan, which offers incredible benefits such as no down payment, no private mortgage insurance (PMI) requirement, and flexible credit requirements. In this article, we’ll explain everything you need to know about VA loan eligibility, so you can make an informed decision about whether this type of loan is right for you.

At [company name], we’re committed to helping veterans and active military members achieve their homeownership goals. That’s why we’ve put together this in-depth resource that covers everything from basic eligibility requirements to frequently asked questions.

Eligibility Requirements

1. Service Requirements

In order to be eligible for a VA loan, you must meet one of the following service requirements:

Branch of Service
Service Requirements
Army, Navy, Air Force, Marine Corps, Coast Guard
90 consecutive days of active duty
Reserves/National Guard
6 years of service or 90 days of active duty during a wartime period

Keep in mind that these requirements are subject to change, so it’s always a good idea to consult with a VA-approved lender to confirm your eligibility.

2. Discharge Status

You must have been discharged under honorable conditions in order to be eligible for a VA loan. If you have any questions about your discharge status, you can request a copy of your DD-214 from the National Archives.

3. Credit Requirements

While VA loans are known for their flexibility when it comes to credit, there are still certain requirements you must meet. Typically, you’ll need a credit score of at least 620, although some lenders may require a higher score. Additionally, you should have a debt-to-income (DTI) ratio of no more than 41%.

4. Other Requirements

There are a few other eligibility requirements you should be aware of:

  • You must intend to use the property as your primary residence
  • You cannot have been convicted of a felony or misdemeanor related to drugs, sex, or violence within the past 5 years
  • You must be a U.S. citizen or have served in the military of a U.S. ally


1. Can I use a VA loan more than once?

Yes, you can use a VA loan multiple times as long as you meet the eligibility requirements each time.

2. Is there a limit on how much I can borrow?

Yes, there is a loan limit for VA loans, which varies depending on the county where the property is located. For most counties in the U.S., the loan limit for 2021 is $548,250.

3. Do I have to pay closing costs with a VA loan?

While VA loans do come with closing costs, they may be lower than those associated with conventional loans. Additionally, some eligible borrowers may be able to get a seller credit or lender credit to help cover the costs.

4. Can I use a VA loan to buy a second home or investment property?

No, VA loans are only intended for primary residences.

5. Do I need to have a down payment for a VA loan?

No, one of the main benefits of a VA loan is that you can buy a home with no down payment.

6. Can I use a VA loan to refinance my current mortgage?

Yes, you can use a VA loan to refinance your current mortgage, either through a VA cash-out refinance or a VA streamline refinance (also known as an Interest Rate Reduction Refinance Loan or IRRRL).

7. How long does it take to get approved for a VA loan?

The time it takes to get approved for a VA loan can vary depending on several factors, such as the lender’s processing times and the complexity of your application. However, the VA does offer a loan guarantee in order to help reduce the risk for lenders, which may speed up the approval process.

8. Do I need to have a certain amount of savings to get a VA loan?

While it’s always a good idea to have some savings for emergencies and unexpected expenses, there is no specific savings requirement for VA loans.

9. Can I use a VA loan if I have a bankruptcy on my record?

It depends on the type of bankruptcy and how long it’s been since you filed. Typically, you’ll need to wait at least 2 years after a Chapter 7 bankruptcy and 1 year after a Chapter 13 bankruptcy.

10. Can I get a VA loan if I’m self-employed?

Yes, you can still be eligible for a VA loan if you’re self-employed. However, you may need to provide additional documentation to show proof of income and stability.

11. Are there any restrictions on the type of property I can buy with a VA loan?

While VA loans can be used to purchase a variety of properties, there are some restrictions. For example, the property must be move-in ready and meet certain safety standards.

12. What happens if I can’t make my VA loan payments?

If you’re having trouble making your VA loan payments, it’s important to contact your lender as soon as possible. Depending on your circumstances, you may be able to work out a payment plan or apply for a loan modification.

13. Can I use a VA loan to buy a manufactured home?

Yes, you can use a VA loan to buy a manufactured home as long as it meets certain requirements. For example, it must be permanently affixed to a foundation and meet certain safety standards.


We hope this guide has been helpful in explaining the eligibility requirements for VA loans. If you’re a veteran or current member of the military, a VA loan can be an excellent option for achieving homeownership. With no down payment requirement and flexible credit requirements, it’s a great way to get into the housing market with fewer obstacles than traditional loans.

At [company name], we’re here to help you every step of the way. Our team of experts can answer any questions you have about VA loans and guide you through the process of securing financing. Contact us today to get started!

Closing Disclaimer

The information in this article is intended to be a general guide to eligibility for VA loans and should not be construed as legal advice. Eligibility requirements are subject to change, and it’s important to consult with a VA-approved lender to confirm your eligibility. This article is for informational purposes only and should not be relied upon as a substitute for professional advice tailored to your specific situation.