To qualify for a VA mortgage loan, veterans, active-duty service members, and eligible surviving spouses must meet certain eligibility criteria set by the U.S. Department of Veterans Affairs (VA). Here are the key requirements:

1. Military Service Requirement: You must meet one of the following service requirements:

_{• Veterans: At least 90 days of active-duty service during wartime or 181 days during peacetime.}

_{• Active-Duty Service Members: Currently serving in the military.}

_{• Surviving Spouses: Eligible spouses of veterans who died in service or from service-related injuries.}

2. Certificate of Eligibility (COE): You must obtain a Certificate of Eligibility (COE) from the VA, which confirms your service history and eligibility for a VA loan. We can assist you in obtaining it.

3. Credit and Income Requirements: While the VA doesn’t set a specific credit score requirement, most lenders prefer a score of 620 or higher. You’ll also need to demonstrate a stable income to ensure you can repay the loan.

4. Debt-to-Income (DTI) Ratio: The VA has guidelines for your DTI ratio, which measures your debt load compared to your income. While the VA allows higher DTI ratios than conventional loans, most lenders prefer a DTI under 41%.

5. Property Requirements: The home must meet VA standards, ensuring it's safe, sound, and sanitary. The property must be used as your primary residence.

6. Funding Fee: The VA charges a one-time funding fee (usually between 1.25% and 3.3% of the loan amount) unless exempted due to a service-connected disability or other specific circumstances.

At Lending by Joseph, we help you navigate these requirements to ensure you qualify for the best VA loan options available. Contact us today for personalized assistance.