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VA Loan Eligibility Requirements

As a veteran or US service member, you deserve to get the VA loan you need so you can buy or build the home you want, repair or upgrade you current home, or refinance your mortgage. Look over these basic requirements to see if you are eligible. Your PRMI representative will help you every step of the way.

How to Apply for a VA Loan Certificate of Eligibility

You'll need to have a certificate of eligibility from the VA to show you're entitled to a VA loan. But you don't have to have one when you first apply for a VA loan. You can get quotes first and get your certificate later. You can even ask your PRMI representative to apply for a certificate on your behalf. They can do this electronically through our own access to the VA's online system. Once the request is sent, they will see the status of your VA loan eligibility within a few seconds.

Income Requirements for a VA Loan

To get a VA loan, you'll need to show that you can afford the monthly payments. To determine this amount, PRMI will analyze your monthly income and debt. We'll then use that information to estimate your residual income, which is how much money you have left over every month after your major expenses are paid. The more residual income you have, the better.

Service Requirements for VA Loan Eligibility

Wartime Service

If you were discharged for any reason besides dishonorable, you may have VA loan eligibility with 90 consecutive days of active duty served during:

• World War II (9/15/1940–7/25/1947)
• Korean War (6/27/1950–1/31/1955)
• Vietnam War (8/5/1964–5/7/1975)
• Gulf War (8/2/1990–present)

You may be eligible after less than 90 days of active duty if you were discharged for a service-related disability.

Peacetime Service

If you were discharged for any reason besides dishonorable, VA loan eligibility occurs with 181 days of active duty during peacetime if you served during these dates:

• 7/26/1947–6/26/1950
• 2/1/1955–8/4/1964
• 5/8/1975–9/7/1980 (enlisted)
• 5/8/1975–10/16/1981 (officers)

You may be eligible after less than 181 days if you were discharged for a service-related disability.

National Guard or Selected Reserve

You may be eligible after six years of service in the National Guard or Selected Reserve. However, if you were discharged for a service-related disability, you may be eligible with less than six years.

Spouses

A veteran's spouse may be eligible to receive a VA home loan if:

• The veteran died in service or from a service-related disability, and the spouse has not remarried
• The veteran is missing in action or is a prisoner of war
• A surviving spouse remarried at age 57 or older, and this was on or after 12/16/2003
• In certain cases, the veteran was totally disabled but the disability may not have been the cause of death