The Veterans Administration home loans program was established to help active-duty military personnel, veterans, and their spouses achieve the dream of homeownership. However, not all military members qualify.
The U.S. Department of Veterans Affairs requires anyone applying for a VA loan to meet a series of pre-requirements, including:
In addition, any property purchased with a VA loan must act as your personal residency. For example, you can’t use a VA loan to purchase a home or condo and then rent that property out to other tenants.
Qualification for VA loans also depends on your age and time served. You can access a comprehensive list of service requirements via the Veterans Affairs website, but generally, veterans must serve at least 181 consecutive days of continuous duty with an other than dishonorable discharge or less than 181 consecutive days of duty, if discharged for a service-connected disability.
Spouses of military veterans can also apply for a VA loan under certain circumstances, including: