1. Active Duty Service Members:

• Must have served for at least 90 continuous days without a break in service.
• Eligibility is met for those who served in the active military, naval, or air service, and received a discharge under conditions other than dishonorable.
• The 90 days of service must be completed within a single enlistment or period of active duty.
• National Guard or Reserve members can count their active duty service towards the 90-day requirement if activated for at least 90 days under Title 10 or Title 32 orders.

2. Veterans:

• Minimum active-duty service requirements depend on when they served.
• If served during wartime, at least 90 days of service is required. (Wartime is defined as any period during which the United States is engaged in war declared by Congress, currently from September 11, 2001, to the present)
• If served during peacetime, at least 181 days of service is required. (Peacetime is defined as any period during which the United States is not engaged in war declared by Congress)

3. National Guard and Reserve Members:

• Minimum active-duty service requirements depend on when and how much time they served.
• During wartime, they must have served for at least 6 years or completed 90 days of cumulative service under Title 10 or Title 32 orders, with at least 30 consecutive days.
• During peacetime, they must have served for at least 6 years or completed 181 days of cumulative service under Title 10 or Title 32 orders, with at least 30 consecutive days.
• Continuous service or meeting the 90-day requirement within a single enlistment is essential to count towards the 6-year requirement.

4. Surviving Spouses:

• Eligible if the spouse died while on active duty or as a result of a service-related disability.
• Must have been married to the deceased spouse for at least one year at the time of their death.
• Must not have remarried after the death of the spouse.
• Must not have any outstanding debts incurred by the deceased spouse before their death.

5. Credit Score:

• No minimum credit score required for VA loans, but most lenders prefer a credit score of at least 620.
• A credit score of 620 or higher improves the chances of approval with better loan terms.
• A credit score below 620 may still qualify, but may result in a higher interest rate.

6. Debt-to-Income Ratio (DTI):

• DTI ratio must be no more than 50%.
• Monthly mortgage payment, including taxes and insurance, cannot exceed 50% of gross monthly income.
• DTI ratio of 50% or lower increases chances of approval with favorable terms.
• A higher DTI ratio might lead to a higher interest rate or require a larger down payment.

7. Down Payment:

• VA loans may allow for no down payment, but most lenders require at least 5% down payment.
• A 5% down payment improves chances of approval with better terms.
• A larger down payment may result in a lower interest rate.

8. Loan Amount:

• Maximum VA loan amount depends on the county where the home is being purchased.
• The maximum loan amount as of 2023 is $970,800.
• Higher loan amounts apply to homes in high-cost areas.

To apply for a VA loan, applicants must meet these requirements and submit the necessary documents listed below to a participating lender. The lender then will review the application, evaluate eligibility, and determine the loan terms based on the applicant’s financial situation. If approved, the applicant can proceed with the loan process and complete the purchase of the chosen property. VA loans offer several advantages, making homeownership more accessible to eligible service members, veterans, and surviving spouses.