You may qualify for a VA loan by meeting one or more of the following requirements:

• You served 90 consecutive days of active service during wartime.
• You served 181 days of active service during peacetime.
• You have 6 years of service in the National Guard or Reserves or served 90 days (at least 30 of them consecutively) under Title 32 orders.
• You are the spouse of a servicemember who died while serving or died from a service-related disability.

Note: You must also meet the lender's credit and income requirements. Even if you're uncertain, you may still qualify for a VA loan. Contact a VA loan specialist for a detailed assessment of your eligibility. Note that bankruptcy, foreclosure, or delinquency don't automatically disqualify you.

• Get Pre-Approved: Start by contacting a VA-approved lender.
• Find a Home: Begin your home search with your pre-approval in hand.
• Submit an Offer: Make an offer on your chosen home through your real estate agent.
• Home Inspection: Arrange for a professional inspection of the property.
• Appraisal: An appraisal will be conducted to determine the home’s value.
• Final Approval: The lender reviews all documents and gives final loan approval.
• Close the Loan: Sign the paperwork to finalize the loan.
• Make Payments: Start making your mortgage payments.

• Driver's license or other government identification
• DD-214 or Reserve/Guard points statements
• Certificate of Eligibility (COE)
• Statement of service for active-duty borrowers
• Recent pay stubs and W-2s for the last two years
• Recent bank statements
• Disability award letters

A Certificate of Eligibility (COE) is a VA-issued document that confirms a borrower's eligibility for a VA loan based on their military service. It includes key details about the borrower's entitlement.

• Complete VA Form 26-1880, either online through the eBenefits portal or by mailing it with the required documents to the VA Eligibility Center.
• Alternatively, a USA Homeownership Loan officer can assist in ordering the COE for you.

If you have questions about your VA loan eligibility, contact the VA regional loan center at 877-827-3702, Monday through Friday, 8:00 a.m. to 6:00 p.m.

• No Down Payment: Qualified borrowers can finance 100% of their home purchase, requiring no down payment.
• Low Interest Rates: VA loans generally offer lower interest rates than conventional mortgages, leading to significant savings over time.
• No PMI: Unlike many conventional loans, VA loans don't require private mortgage insurance (PMI), even without a 20% down payment.
• Reduced Closing Costs: VA loans limit closing costs, saving borrowers money during the home-buying process.
• Flexible Credit Requirements: VA loans are easier to qualify for, making them accessible to borrowers with less-than-perfect credit.
• Streamlined Refinancing: VA loans offer an easy refinancing process, helping borrowers lower their interest rates and monthly payments.
• Multiple Uses: The VA loan benefit is reusable and can be used multiple times, with the possibility of having more than one active VA loan simultaneously.

• Purchase Loan: Enables veterans to buy a home with no down payment.
• Cash-Out Refinance: Allows veterans to refinance their mortgage and access cash from their home’s equity.
• Interest Rate Reduction Refinance Loan (IRRRL): Helps veterans lower their interest rate on an existing VA loan.
• Adapted Housing Grant: Provides funds for veterans with service-connected disabilities to buy or build an adapted home.
• Native American Direct Loan (NADL): Offers direct loans to Native American veterans for home purchases, construction, or improvements on federal trust land.
• Manufactured Home Loan: Assists veterans in financing the purchase of a manufactured home.
• VA Jumbo Loan: For loans exceeding county-specific limits providing access to homes in expensive markets.

The fee varies based on the loan type, down payment, and the borrower’s military category. Some veterans and surviving spouses are exempt, particularly those receiving compensation for a service-connected disability. The VA determines all funding fee exemptions.

A VA-backed cash-out refinance allows you to:

• Access home equity for expenses like debt, education, or home improvements.
• Refinance a non-VA loan into a VA-backed loan.

You can borrow up to the conforming loan limit without a down payment, with higher limits in some areas. If borrowing beyond this, a down payment is required. Keep in mind that closing costs can add up, so be sure to understand how the new loan amount relates to your home’s value.

An IRRRL, often called a “streamline” refinance, can help you:

• Lower your monthly mortgage payment by securing a lower interest rate.
• Switch from an adjustable-rate to a fixed-rate loan for more stable payments.

You can borrow up to the conforming loan limit without a down payment, with higher limits in some areas. If borrowing more, a down payment is required. Consider closing costs, which can be substantial, to determine if refinancing is worthwhile.

The Consumer Financial Protection Bureau and VA have issued a "Warning Order" to service members and veterans with VA home loans about unsolicited refinance offers that seem too good to be true. These offers often promise extremely low interest rates, cash back, skipped mortgage payments, no out-of-pocket costs, and no waiting period.

Key Points to Watch Out For:

• Skipping Payments: VA prohibits lenders from advertising skipped payments as a benefit.
• Escrow Refunds: Promised refunds may be less than expected, leading to higher payments later.
• Low Rates: Advertised rates might be for short-term or adjustable-rate mortgages, not 30-year fixed loans.
• Aggressive Tactics: Lenders may use misleading ads or pressure you to refinance soon after getting your current loan.

Be Cautious: Understand that benefits like no out-of-pocket costs or skipped payments usually increase your loan balance. Carefully weigh the short- and long-term effects before refinancing.

If you encounter problems with a VA mortgage refinance, you can file a complaint with the CFPB online or by calling (855) 411-CFPB (2372).