How to qualify for VA home mortgage loan?


There are between 30 and 60 million Americans who qualify for VA home mortgage loan, according to national data. It is also quite easy to get a VA loan once you have a Certificate of Eligibility to prove your service. The COE (certificate of eligibility) can be obtained through a VA-approved lender.

Or, you could fill in a VA Form 26-1880 and mail it along with Evidence of Service form, applicable in your case, to the following address:

VA Loan Eligibility Center

PO Box 20729


NC 27120

The evidence of service papers are different whether you are a Veteran or National Reserve/Guard member and whether you are on active duty or discharged. Those forms can be obtained through the official site of the VA Department, and you could use some help from a VA loan counselor.

What are the credit requirements to obtain a VA home loan?

In general, the VA administration is not after perfect FICO scores, unless you are getting a super-size VA loan, such as VA Jumbo when a FICO of 680+ is required.

However, the Department of Veterans Affairs are concerned if the borrower has been current or delinquent on any loan obligations for the last 12 months - they use past 12 months of credit history as a basis to assess borrowers' willingness to repay future obligations.

On the whole, recent bankruptcy and pending federal debt (taxes and tuition loan) usually disqualify the borrower for getting a VA mortgage. Minor collections are not a detriment to being approved for a VA home loan; however, though, judgments and federal obligations must be paid in full for the VA applicant to be considered eligible.

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