VA requirements

How Easy Is It To Apply For VA Loan Eligibility?

June 28, 2011


How Easy Is It To Apply For VA Loan Eligibility?

Applying for a VA loan can be intimidating for those who have never tried to get eligibility for this important veteran’s benefit and start the process. The good news is that once you’ve chosen a participating VA lender, the loan officer can help with some of your initial paperwork. Getting VA loan eligibility is the first hurdle you must clear to start the actual loan process, and the lender can apply on your behalf over the Internet.

If you choose to have the lender help you apply for VA loan eligibility, you’ll need to bring in documentation required by the VA. This documentation varies depending on your military status and other factors, but the basic requirements are listed below.

Veterans–retired or separated military members to include any member or former member of the National Guard or Reserves who has been activated for Federal service–re required to bring the lender a copy of DD Form 214 which shows the nature of the veteran’s military service and status of their discharge.

Active duty military members must show a statement of service with the following required data:

Full name
Social Security Number
Date of birth
Entry date on active duty
Name/location of the command providing the information

This information must be signed by some from the base military personnel office, unit commander or an authorized representative.

For Guard and Reserve members currently serving but who have never been called to active duty, the VA requires a statement of service signed by the adjutant, personnel officer or unit commander or higher headquarters. The statement of service must, like the active duty statement of service, show:

Full name
Social Security Number
Date of birth
Date military service began
The total number of creditable years of service
The duration of lost time
The name of the command providing the information

For all discharged members of the National Guard who never served on active federal service, the lender will need:

NGB Form 22, Report of Separation and Record of Service, for each period of National Guard service

NGB Form 23, Retirement Points Accounting, and proof of the character of service

Discharged members of the Selected Reserve who did not serve on active duty must provide the lender with a copy of the most recent annual retirement points statement and evidence of honorable service.

Once the lender has submitted the application for VA eligibility, the VA loan process may begin once the borrower’s Certificate of Eligibility has been approved and received by the lender. A Certificate of Eligibility is not loan approval–it merely tells the lender that the VA loan applicant is eligible to apply for the VA home loan.

Having the lender’s help at the beginning of the VA loan process in this way can make the entire process a lot less intimidating for some first time home buyers–don’t hesitate to ask your lender for help getting started should you need it.

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