VA Home Loan Prep Guide: What You Need to Know

VA loans offer a more affordable financing option for Active-Duty Military, Veterans, and eligible surviving spouses. Here’s how to get started.

Step 1: Confirm Eligibility

You may qualify if you meet one of these service requirements:

• Active-Duty: 90 consecutive days of service
• Veterans: Based on service era and discharge status
• National Guard/Reserves: 90 days Active-Duty including 30 consecutive days, or 6 years with honorable discharge
• Surviving Spouses: Read the VA’s criteria here.

Step 2: Get Your Certificate of Eligibility (COE)

Your COE proves your VA entitlement. You can request it via:

• Your Loan Officer
• The VA eBenefits portal
• Mail in a VA Form 26-1880

Required documents vary by service status—DD214, service statements or retirement point summaries may be needed. See the full list of requirements here.

Step 3: Financial Readiness

To qualify for a VA loan with us, you’ll need:

• Credit Score: Minimum 580
• Debt-to-Income Ratio: 55% or lower (exceptions apply)
• Stable Income: Verified with your W-2 (alternate documentation may be accepted)

Tip: Review your credit report, pay down debts, and avoid new credit lines before applying.

Step 4: Income Documentation

Depending on your income type, you’ll need:

Active-Duty borrowers must also submit a Leave and Earnings Statement (LES).

Understand the VA Funding Fee

This one-time fee (0–3.3%) helps sustain the VA loan program. It varies based on:

• First-time or subsequent use
• Down payment amount
• Purchase vs. refinance

You may be exempt if you have a service-connected disability, receive DIC, or have a Purple Heart.

Step 6: Property Requirements

VA loans require homes to meet Minimum Property Requirements:

1. VA-approved appraiser evaluates condition and value
2. Underwriter issues Notice of Value
3. Repairs or new inspections may be needed if issues arise

Ready to apply or have questions? We’ll be glad to guide you through each step of the process. Give us a call today.