VA Home Loan Benefits & Guidelines
VA Home Loan Requirements
To qualify for a VA Home Loan, you must meet one of the following eligibility requirements:
- You have served 90 consecutive days of active service during wartime
- You have served 181 days of active service during peacetime
- You have six years of service in the National Guard or Reserves
- You are the surviving spouse of a servicemember who has died in the line of duty or as a result of a service-related disability
It is helpful to have a VA Loan Certificate of Eligibility (COE) on hand when applying for a VA Home Loan. Your COE provides mortgage lenders with confirmation of your military service.
To obtain your VA Home Loan COE, you can:
- Apply through a VA-approved lender
- Apply online through the VA’s eBenefits portal
- Apply by mail with VA Form 26-1880
Today's Mortgage Rates
Disclaimer: these are sample rates and terms based on daily pricing that fluctuates and is subject to change and credit approval. Parameters: 720+ FICO, Single-Family Residence, $300,000 loan amount, State = NC, County = Wake, Discount Points = 2, admin fee = $1149. For VA Home Loan, assume a 2.3% VA Funding Fee.
What is a COE and how do I get one?
A Certificate of Eligibility (COE) is a form of documentation that confirms your VA Home Loan eligibility to mortgage lenders. You are not required to provide a COE when applying for a VA Home Loan. However, it may ease the process to have your COE on hand before starting the application process.
You can apply for your COE directly through a VA-approved lender, online through the VA’s eBenefits portal or by mail with VA Form 26-1880.
Do I have to pay the VA Home Loan funding fee?
It depends. VA Home Loans do come with a funding fee that varies based on whether or not you’ve used your VA benefit before and if you put money down. However, not all borrowers are required to pay the funding fee. Be sure to check with your AMS Military Mortgage Advisor for details.
You may be exempt from paying the VA funding fee if: 1) you’re a Veteran receiving VA disability pay for a service-connected disability; 2) you’re a Veteran who would be entitled to receive disability pay for a service-related disability if you weren’t receiving retirement or active-duty pay; or 3) you’re the surviving spouse of a Veteran who died while on duty or as a result of a service-related illness or disability.
To qualify for exemption, you must fill out the VA funding fee exemption form. Get more information.
What is the interest rate on a VA Home Loan?
It varies based on many factors. VA Home Loans are backed by the U.S. Federal Government, so interest rates can be competitively low but will vary by lender. To calculate your VA Home Loan rate, our Military Mortgage Advisors will consider factors such as your credit score, the loan type (purchase, IRRRL, Cash-Out, Jumbo, etc.), the loan term (15-year versus 30-year) as well as current market conditions.