VA Loan Eligibility – Basic requirements

In order to become eligible for a VA home loan from BBMC Mortgage, we’ll need to verify your service history with the Department of Defense. To verify your service history, and secure your VA loan eligibility, obtain a Certificate of Eligibility (COE) and present it to your BBMC Banker. You can follow this link to fill out the form yourself, but our team at BBMC will be more than happy to walk with you through this process.

 

Income, Credit and Employment as VA Loan Requirements

To move along the application process, your BBMC Banker will require several documents pertaining to your employment, credit and income. This may include the last two years of your W-2 forms – verifying at least two years of employment with the same business – authorization to run a credit history report and copies of your most recent paystubs to verify your current income status. These documents will go a long way in determining the right loan structure for your unique financial needs.

Of the 20+ million active duty service members and veterans with mortgages,a 2014 report shows less than 12% are utilizing their VA mortgage benefit*.

Other VA Loan Requirements

VA home loan requirements aren’t as tedious as their conventional counterparts. However, there are certain limitations on your home loan. Specifically, VA loans adhere to the loan maximums as determined by lenders Fannie Mae and Freddie Mac. Visit our VA Loan Limits page to learn more about the loan maximums, and other VA loan requirements.

Regulations and Fees

While the VA refinance loan is a federal program, the government generally does not make direct loans to applicants. Private lenders, including BBMC Mortgage, finance the loan while the Veteran's Administration offer an insurance guaranty. This guaranty provides an incentive for private lenders to offer loans with better terms, and protects them in the event of a customer default.

Loan Limits
In most parts of the country, applicants who qualify for the VA Loan can purchase a home worth up to $417,000. To find out the VA Loan Limit in your area, give BBMC a call at 1-800-24-RATES.

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*According to a 2014 report on Department of Veterans Affairs loan guarantee data.