VA Loan Eligibility

The Department of Veterans Affairs has pre-determined VA loan requirements that military members, veterans, and their families must meet before participating in the VA loan program. Establishing whether or not you are eligible is the first step for veterans on their way to homeownership. Fortunately, J.G. Wentworth is here to help you along this journey.

At J.G. Wentworth, we pride ourselves on being an approved VA loan lender. Our VA loan specialists and ready to answer any questions about your VA loan eligibility.

Qualifications for a VA Loan 

In order to qualify for a VA loan, you must meet one or more of the following requirements:

  • You are an active military member who has served 90 consecutive days of service during wartime
  • You are an active military member who has served 181 days of service during peacetime
  • You have accumulated more than six years of service in the National Guard or Reserves
  • You are a spouse of a service member who died in the line of duty or as the result of a service-related disability
  • You have been discharged with other than dishonorable discharge

If one or more of these statements apply to you, contact one of our VA loan specialists and start your application process today. Whether you are purchasing a home or refinancing, you have the opportunity to take advantage of some excellent VA loan benefits. 

If you don’t meet any of these requirements, contact our VA loan specialists to discuss the VA guidelines surrounding your VA loan eligibility.

Additional Requirements

Once you’ve determined your VA loan eligibility, J.G. Wentworth can assist you with the additional requirements needed to move the process forward. These can include obtaining a Certificate of Eligibility and meeting loan income requirements.

Certificate of Eligibility (COE)

While you do not need your VA Certificate of Eligibility to begin the loan process, it is an essential part of your loan application. Your COE is verification that your length and character of service make you eligible for the VA loan program. It also ensures that the financing process proceeds without delay, getting you into your home faster.

You can obtain your VA Certificate of Eligibility the following ways:

  • Apply through J.G. Wentworth
  • Apply online through the VA eBenefits portal
  • Apply by mail with VA Form 26-1880

Loan Income Requirements

VA guidelines do not require homebuyers to reach a specified income threshold in order to use their VA loan benefits. However, borrowers are expected to have a healthy debt-to-income ratio. Homebuyers are required to maintain a certain amount of income left over each month after all expenses are paid. The amount left over, known as residual income, is intended to cover common needs such as food and transportation. Residual income ensures that borrowers have a financial cushion in the event of an unexpected occurrence or emergency. The requirement of having residual income is a substantial reason why VA loans have one of the lowest foreclosure rates.

Take Advantage of the Benefits Today

J.G. Wentworth is a leading lender for VA loan refinancing and home purchasing. With innovative technology and streamlined processes, we can address your qualifications for a VA loan faster. For additional questions about your VA Entitlement or VA loan eligibility, contact a VA loan specialist today.

Homes for Our Troops 

J.G. Wentworth® is a proud sponsor of Homes for Our Troops. Building homes, Rebuilding lives.

How do I get started?

J.G. Wentworth offers a wide variety of loan programs with low rates and no points and no hidden fees.  To get started, you can call us or let us contact you by completing a short form.  You can also get a rate quote in seconds with no personal information required. We look forward to working with you.