2023 VA Loan Eligibility Requirements
To qualify for any VA Loan option, the Department of Veteran's Affairs require that the applicant be an Active Duty Service member, Reservist, National Guard member, or a Veteran meeting certain requirements. These Veterans are eligible for VA Loans after no-less than 90 Days of active duty service. Veterans that have 181 days of active duty service, no dishonorable discharge, and/or 90 days of active duty during war are eligible for VA Loans.
National Guard and National Reserve members are also eligible for these military loans after there competition of their initial contract or a complication of a military deployment.
As of April 15, 2021, National Guard members are now eligible for VA home loan benefits if they have performed not less than 90 cumulative days of full-time National Guard duty, of which, at least 30 of those days must have been consecutive. Full-time National Guard duty includes training or other duty in the member's status as a member of the National Guard of a State or territory, the Commonwealth of Puerto Rico, or the District of Columbia, for which the member is entitled to pay from the United States or for which the member has waived pay from the United States. Full-time National Guard duty does not include inactive duty, such as monthly drills. It also does not include basic or initial training.
FEDERAL VA LOAN
The Federal VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA). In Oregon & Washington, the standard VA loan cap is $647,200.
VA JUMBO LOAN
A VA Jumbo Loan is a loan that is over the Fannie Mae conforming loan limit of $726,200. This loan may or may not require a down payment. Each loan is determined on a case-by-case basis. Down payments are usually much lower than a standard jumbo loan.
Among the requirements for jumbo loans are a need for liquid asset reserves (cash reserves).
VA Funding Fee
The VA Funding Fee goes directly to the VA to ensure the program keeps running for future generations of military homebuyers by removing any additional burdens off tax payers and veterans.
VA borrowers can roll the funding fee into their overall loan amount. The VA also limits closing costs for veterans and allows sellers to pay most or all of those expenses. Many of our borrowers purchase a home with no money due at closing.
| First-time use | Active Duty / Guard / Reserve |
|---|---|
$0 Down | 2.15% |
5-9.99% Down | 1.5% |
10% or More Down | 1.25% |
| Subsequent use | Active Duty / Guard / Reserve |
|---|---|
$0 Down | 3.3% |
5-9.99% Down | 1.5% |
10% or More Down | 1.25% |
