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You may be eligible if you meet one of the following conditions:
In order to qualify for a VA Loan there are specific service conditions each borrower must meet. This must include just ONE of the following:- You have served 90 consecutive days of active service during wartime
- You have served 181 days of active service during peacetime
- You have more than 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Application Process
A new Certificate of Eligibility (COE) is required. we can take your old Certificate of Eligibility to show the prior use of your entitlement and we can update your certificate of eligibility.Loan Limits
VA does not set a cap on how much you can borrow to finance your home. The law changed in 2020 that allows VA to guaranty a loan up to 25% of the loan amount for a Veteran that has no use shown on their COE. The basic entitlement available to each eligible Veteran is $36,000. If the COE shows previous use that has not been restored, this will affect the amount of money an institution will lend you without a possible down payment. These county loan limits are the amount a qualified Veteran with partial entitlement remaining after subtracting any unrestored use may be able to borrow without making a down payment. The loan limits vary by county based on average home sales in that area.VA Refinance Eligibility
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- A Certificate of Eligibility (COE) is not required. When we order your new loan, VA will provide a new registration and loan number and show your prior use.
- No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
- You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller if you assumed the loan.
- The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home.
VA Loan Income Requirements
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VA Funding Fee
Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan’s cost to taxpayers in the case of a default considering that a VA loan requires no down payment and has no monthly mortgage insurance. The funding fee is a percentage of the loan amount which varies based on the type of loan, if you are a first-time or subsequent loan user, and whether you make a down payment. You have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at closing time. You do not have to pay the fee if you are a:- Veteran receiving VA compensation for a service-connected disability, OR
- Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
- Surviving spouse of a Veteran who died in service or from a service-connected disability, OR
- An Active Duty military member who has been awarded a Purple Heart.