10 pasos para calificar para un préstamo hipotecario del VA en 2024

¿Cuáles son los pasos que deberá seguir si desea calificar para un préstamo hipotecario del VA? Continúe leyendo este artículo para obtener más información.

Si es un veterano, un miembro del servicio activo, un miembro de la Guardia Nacional y de la Reserva, o el cónyuge de un miembro del servicio que murió en el cumplimiento del deber, puede ser elegible para un préstamo hipotecario del VA para su residencia principal.

Respaldados por el Departamento de Asuntos de Veteranos de EE. UU., los préstamos hipotecarios del VA ofrecen múltiples ventajas[1] para los prestatarios, desde tasas de interés competitivas y costos de cierre limitados hasta cláusulas de penalización por pago anticipado y sin necesidad de pagos iniciales.

Pero, ¿cuáles son los pasos para calificar para un préstamo hipotecario del VA y cómo puede aumentar sus posibilidades de aprobación? En esta guía completa, le diremos todo lo que necesita saber para comenzar su camino hacia la propiedad de una vivienda y comprar la casa de sus sueños.

1. Confirme que es elegible para un préstamo hipotecario VA

Para calificar para un préstamo hipotecario del VA, el primer paso que deberá dar es confirmar que es elegible para este tipo de hipoteca. Tenga en cuenta que no todos los veteranos o miembros en servicio activo pueden calificar para el préstamo; deben cumplir con los siguientes requisitos de servicio:

  • Veterans – they need to prove that they have served +90 consecutive days of active duty during wartime, or a minimum of 181 days of active duty during peacetime.
  • Active duty service members – as an active duty service member, you can be eligible for a VA home loan after serving 90 consecutive days of active service.
  • National guard and reserve members – served for at least 6 years in the Reserves or National Guard, or 90 days of active duty service under Title 10 or Title 32, with at least 30 of those days being consecutive.
  • Surviving spouses – the spouses of service members who died in the line of duty, or as a result of a service-related disability, may also be eligible provided that they don’t remarry.

However, these are not the only requirements to qualify for a VA Home loan. You should also ensure that:

  • You haven’t been discharged under dishonorable conditions
  • You have a credit score of at least 620 (required by lenders)
  • Your income is stable, and sufficient to cover monthly expenses
  • You are using the loan to purchase or renovate a primary residence
  • The home meets the VA’s Minimum Property Requirements (MPRs)

What Are The VA’s Minimum Property Requirements (MPRs)?

The VA’s Minimum Property Requirements (MPRs) ensure properties are safe, structurally sound, and sanitary. Homes must have adequate space, safe drinking water, proper sewage disposal, and be free of hazards.

Electrical, heating, and plumbing systems must be safe and functional. The aim is to protect veteran buyers and ensure the longevity of the investment.

2. Obtain a Certificate of Eligibility (COE)

Once you’ve made the initial check regarding your eligibility, the next step to qualify for a VA home loan is to obtain a Certificate of Eligibility (COE), which proves to lenders that you meet the service requirements for a VA loan.

There are three different methods that you can use in order to get it:

  • Online – the quickest way to obtain your Certificate of Eligibility is to apply through the VA’s eBenefits portal. You can create an account and apply here.
  • VA-approved lender – alternatively, you can get your COE with the assistance of a VA-approved lender such as Jet Direct Mortgage.
  • By mail – complete VA Form 26-1880, Request for Certificate of Eligibility for Home Loan Benefits, and mail it to the VA Loan Eligibility Center along with proof of your military service. The processing time for this method can take a few weeks.

Getting this certificate is important if you want to qualify for a VA loan not only because it provides an official proof of eligibility, but also because it can streamline the loan application process, making it easier for you to obtain financing.

3. Choose a VA-Approved Lender

The next step you’ll need to take in order to qualify for a VA loan is to choose a VA-approved lender.

It is important to keep in mind that not all lenders offer this type of mortgage; they have to be authorized by the Department of Veterans Affairs to originate and fund VA mortgages.

We recommend that you choose a lender with an extensive experience in VA loans such as Jet Direct Mortgage – this will not only allow you to enjoy a smoother and more efficient loan process, but you will also get valuable guidance on meeting the requirements and navigating any potential challenges during the process.

4. Get pre-approved for a VA home loan

The next step you will need to take if you want to qualify for a VA loan is to get pre-approved by a lender. Pre-approval moves you into a stronger position to act quickly when you find the home of your dreams, and it sets clear expectations for your budget.

In order to get pre-approved for a VA loan, make sure to:

  • Collect all the necessary documents – including recent pay stubs, W2 forms (past 2 years), federal tax returns, bank statements, statement of service, etc.
  • Obtain your Certificate of Eligibility (COE) – as we mentioned earlier, you can get it quickly and easily online, by mail, or through a VA-approved lender.
  • Submit a loan application – once you’ve chosen your VA-approved lender, you will need to fill out their application form so they can assess your eligibility.
  • Undergo a financial review – your lender will review your credit and financial history to determine your eligibility; this includes assessing your DTI ratio and your overall financial stability.
  • Receive your pre-approval letter – if you meet the criteria of the lender, you will get pre-approved for the loan, and you will receive a pre-approval letter, informing you of how much you are eligible to borrow.

5. Find a home that fits your needs

Once you have your pre-approval letter, you can start looking for a property that fits your needs. Of course, you can choose a home without it, but a pre-approval letter shows sellers that you are a qualified buyer – and you also have a better idea of how much you can borrow.

You can start by identifying your needs and preferences – how many bedrooms do I need? Does my home have to have any accessibility features? Does it have to be in proximity to my work or my kids’ school?

You can use online real estate listings and your agent’s resources to find homes that fit your criteria. Remember to look beyond just the house itself and consider the neighborhood, local community, and other factors that will impact your living experience.

6. Sign a purchase agreement

In order to qualify for a VA loan, the next step you will need to take is to sign a purchase agreement. If you’ve found a home you like, the next step is to make the initial offer, and begin the negotiation process until both parties agree on the terms.

Once you and the seller agree on the price and terms, a purchase agreement (also known as a sales contract) is drafted. This legally binding document outlines the specifics of the transaction, including the purchase price, closing date, and any contingencies.

At this stage of the process, here are some important things you need to keep in mind:

  • Financing contingency – the purchase is contingent upon you securing a VA loan, and if you can’t obtain financing, you can withdraw without penalty.
  • VA appraisal contingency – one of the requirements to qualify for a VA loan is to ensure that the property undergoes a VA appraisal, and that it meets the VA’s Minimum Property Requirements (MPRs).

7. Apply for a VA loan

Of course, in order to qualify for a VA loan, you will need to apply for it in the first place. It is important to choose a VA-approved lender that not only has an extensive expertise in VA loans, but also offers excellent customer support to ensure that you always have the guidance you need during the process.

With these considerations in mind, Jet Direct Mortgage is the perfect choice for you – our fast and streamlined process, combined with a team of professionals who will provide unmatched help, will help you get the VA loan you need as soon as possible.

8. Get an appraisal of the property

Getting an appraisal of the property is a fundamental step in order to qualify for a VA loan. It helps to establish the fair market value of the property, ensuring that the amount of the loan doesn’t exceed the value of the home you intend to buy.

It also verifies that the property meets the VA’s Minimum Property Requirements, ensuring it is safe, structurally sound, and sanitary. This protects the interests of the homebuyer and the government.

Once you have a signed purchase agreement, your lender will order an appraisal from a VA-approved appraiser. The VA maintains a list of approved appraisers who are familiar with VA standards and requirements.

9. Wait for the lender’s decision

You are almost there! Now, you need to wait for the lender’s decision to confirm that you indeed qualify for a VA loan. The exact time may vary by lender – with Jet Direct Mortgage’s fast and streamlined process, you can get a decision faster than you thought!

10. Finalize the loan

After the appraisal, the loan goes back to the lender’s underwriter for final approval. The underwriter reviews the appraisal, borrower’s financial documents, and property details to ensure everything meets VA and lender guidelines.

Before the closing, you’ll receive a Closing Disclosure, which outlines the final terms of the loan, closing costs, and other transaction details.

This document must be reviewed and accepted by you at least three business days before the scheduled closing to ensure transparency and compliance with federal law.

Ready to Quality for a VA loan?

If you meet the criteria to qualify for a VA loan, you can easily apply for your mortgage with Jet Direct Mortgage. Apply now to jump-start your process to your dream home.

About Jet Direct Mortgage

If you are ready to buy the property of your dreams, Jet Direct Mortgage can help you find the perfect loan fit for your needs and goals. Our mission is to set a high standard in the mortgage industry through unmatched customer service, from the application process to the post-closing stage.

Our team of experienced professionals will guide you through the home loan process step by step, so you feel confident in your knowledge and make a well-informed decision on the best mortgage for you.

Are you ready to get started? Apply now for your VA loan!


Can I get a VA loan with a previous foreclosure or bankruptcy?

Yes, you can qualify for a VA loan after a foreclosure or bankruptcy, but there are waiting periods. For Chapter 7 bankruptcy, it’s typically two years from the discharge date, and for foreclosure, it’s usually two years as well.

These waiting periods can vary under certain circumstances. Lenders also consider your credit history since the event to ensure responsible financial management.

What are the income requirements for a VA loan?

VA loans don’t have a set income threshold, but borrowers must demonstrate stable, reliable income sufficient to cover monthly expenses, mortgage payments, and maintain a satisfactory debt-to-income ratio, typically 41% or lower.

Lenders also assess residual income to ensure financial stability.

Are there limits on how much I can borrow with a VA loan?

For eligible borrowers with full VA loan entitlement, there are no limits on the amount they can borrow with a VA loan. However, the loan amount will still be determined by the borrower’s income, credit, and ability to repay, as assessed by the lender.

What are the fees associated with a VA loan?

VA loans include a VA funding fee, which varies based on factors like the type of loan, the borrower’s military service, whether it’s a first-time or subsequent use, and the size of the down payment. This fee can be financed into the loan.

Other fees may include closing costs, but lenders can’t charge certain fees, such as the termite inspection fee, to the borrower. Some veterans may be exempt from the funding fee.

How does the VA appraisal process work?

The VA appraisal process involves a VA-approved appraiser evaluating the property to determine its value and ensure it meets the VA’s Minimum Property Requirements for safety, structural integrity, and sanitation. This ensures the property is a safe investment for the borrower.

link to article Advantages of VA Loans