The VA offers home loans for Veterans who wish to purchase or build a home, and there are eligibility requirements for VA home loans. Veterans can use a VA loan to :
- Buy a home or condo in a VA-approved projects
- Buy a manufactured home and/or lot
- Simultaneously purchase and improve a home
- Make home improvements that promote energy efficiency
To qualify, you must have good credit, sufficient income and a valid Certificate of Eligibility (COE). A COE verifies your eligibility for the loan. You must have been honorably discharged and must meet specific service requirements in order to qualify to obtain a COE. Another qualifying requirement is that the property to be purchased is for your own personal occupancy.
Spouses may also qualify for a VA home loan under certain conditions. Other eligible individuals include certain American citizens who served in the armed forces of a government allied with the U.S. during World War II. Also eligible are Public Health Service officers, U.S. Military, Air Force or Coast Guard Academy cadets, U.S. Naval Academy midshipmen, and other Servicemembers.
A complete listing of eligible Servicemembers, as well as more information on eligibility requirements and obtaining a COE, can be found on the VA’s website. If you have an elder law attorney who specializes in Veteran affairs, he or she may be able to provide information on VA loan eligibility requirements or connect you with someone who does.
