How Do You Qualify For A VA Loan?

One of the main things you must do when buying a house is get approved for a home loan. You can choose from many loan programs, but the goal is to find the right one for your situation. VA loans are an option that you can pursue if you have experience with the military. If you have military experience, you might qualify for a VA loan, but you must meet other eligibility guidelines. Here are several things you need to get a VA-backed home loan.

You Need a COE

COE stands for Certificate of Eligibility, and it is something you need for a VA loan. You will need to apply for a COE before getting a VA loan, as you will need it to start the loan process. A COE is a certificate that tells lenders that you meet the military requirements to qualify for a VA loan. If you do not meet the requirements, you cannot get a COE, which also means you cannot get a VA loan.

Credit Score

Secondly, you must meet the credit score requirements needed for a VA loan. The Department of Veterans Affairs does not have credit score standards, but lenders do. Lenders create their own standards for credit scores, and most lenders require a score of 640 or higher. You might find some lenders that have lower score requirements. If your score is less than this, you might want to take some steps to increase your credit score before applying. A higher credit score might not be necessary, but it will reduce the challenges you might face when trying to get a VA loan.

Down Payment

The good news about VA loans is that they do not require large down payments. You can get a loan with no-money down. It is better to put some money down, though, as it helps you keep your payments lower.


Finally, lenders that offer VA loans need to know that you have a way to repay the money you borrow. Therefore, you will need to prove that you have a job and earn enough money to repay your loan. You can prove this by showing your recent pay stubs and tax returns to the lender.

If you think you meet these requirements and standards, talk to a lender. A lender that offers VA loan financing can review your information and help you find the right loan program.