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Millions of veterans and military service members have been able to buy the home of their dreams with the aid of VA loans. The loan has a great many advantages, one of which is a no-down payment requirement. However, keep in mind that a VA Loan is only eligible for a primary residence. You can’t use a VA Loan for an investment property. So how do you know if you’re eligible for such a great loan? The VA-backed loan has some distinct guidelines for eligibility.

To receive a VA Loan, you must be a:

• Veteran
• Active duty personnel
• Reservist or National Guard member
• A surviving spouse of a veteran or service member who has died in service or due to a service-related disability.

If you meet the above requirements, you must complete a VA Form 26-1880, Request for a Certificate of Eligibility and submit it with a proof of military service. If you don’t have proof of military service, the VA may be able to establish eligibility for you.

Some lenders have access to the Certificate of Eligibility for you through the Web LGY system. However, it’s important to note that not all cases can be processed through Web LGY and it’s important to talk to your lender about this method for more advice.

Guidelines for proof of military service depend on your unique situation

Regular active duty – current – You must have an original statement of service signed by the adjutant, personnel officer or commander of your unit. This statement must identify you and your social security number along with the date of entry on your current active duty period and the duration of any time lost.

Regular active duty – discharged – If you were discharged after January 1, 1950, DD Form 214 – Certificate of Release or Discharge From Active Duty form should be included with your VA form.

If you were discharged after October 1, 1979, DD form 214 copy 4 should be included. A photocopy is sufficient. Do not include the original document.

Selected Reserves/National Guard – current – You must include a statement of service signed by the adjutant, personnel officer or commander of your unit showing the length of time you’ve been a member of the Selected Reserves or National Guard, and a minimum of 6 years of honorable service must be documented.

Selected Reserves/National Guard – discharged – You must include copies of adequate documentation of 6 years of honorable service.
Army or Air Force National Guard members may submit the NGB Form 22 or Form 23.

Selected Reservists may submit a copy of your latest annual points statement and evidence of honorable service.

Once you’ve determined your eligibility, you’re well on your way to obtaining a VA loan. The next step begins with one of our VA Home Loan specialists helping you determine your options to maximize your VA benefits. You’ve worked hard to serve our country. Let us serve you and your family by helping you get the home of your dreams. Get started online with your VA loan or call us at (800) 251-9080 to find out if you qualify.

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