How to Qualify for Veterans Benefits to Purchase a Home

By Joshua Jones

Any veteran meeting Department of Veterans Affairs (VA) eligibility criteria is eligible for a VA-secured home loan. Such loans apply to veterans who wish to buy a home, condominium, manufactured home/ lot, or cooperative housing unit. VA-secured loans may also be used to build a new home, repair or improve a current residence (to include energy-efficient modifications), or refinance an existing loan.

Any veteran who previously served during VA-recognized eligibility dates in a time of war must have completed 90 days of continuous service. During a post-war period, applicants must have completed "24 months of continuous active duty service or the full period (at least 181 days) for which they were called or ordered to active duty," according to Veterans Affairs. This is referred to as the 24-month rule. Anyone currently on active military duty may obtain a VA-secured loan after 90 days of continuous service. Notably, the service requirements are waived if the veteran was discharged due to a service-connected disability.

A veteran meeting the above criteria must possess a valid Certificate of Eligibility from the VA. Most lenders will be able to assist in obtaining this certificate. Most loans can be approved online through a reputable lender. However, veterans may also request one directly from the VA.

Any veteran, regardless of dates or length of service, will be disqualified if he or she was awarded a discharge under dishonorable conditions. In addition to the above eligibility criteria, applicants must have a good credit rating, sufficient income, and agree to physically reside at the property. Vacation and secondary homes are more difficult to get approved through the VA and may be denied.

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