VA Home Loan Eligibility Guidelines

NewDay USA respects your service to our nation. Your dedicated military service may mean you are eligible for a VA home loan if you meet at least one of the following qualifying conditions and served before 1990:

• You have served a minimum of 90 consecutive days during war time
• You have served a minimum of 181 days during peacetime
• You have served a minimum of 6 years in the Reserves or National Guard, AND
  • Were discharged honorably, OR
  • Were placed on the retired list, OR
  • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Select Reserve after honorable service, OR
  • Continue to serve in the Selected Reserve
• You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability
• You are a spouse of a Servicemember missing in action or a prisoner of war

If you served after 1990, you may qualify for a VA loan if you meet one of the following:

• You have served 24 months of continuous active-duty - with other than dishonorable discharge
• You have served at least 90 days or completed the full term that you were ordered to active duty with other than dishonorable discharge
• You have served at least 90 days active duty - and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability
• You have served less than 90 days active duty - if discharged for a service-connected disability
• Have a minimum of six years of service in the Selected Reserve or National Guard, AND
  • Were discharged honorably, OR
  • Were placed on the retired list, OR
  • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after honorable service, OR
  • Continue to serve in the Selected Reserve

There may be additional conditions that qualify you for a VA-guaranteed loan—call us at 800-405-4187 to learn more.

Additional VA Home Loan Eligibility Requirements

The U.S. Department of Veterans Affairs has established basic criteria for VA home loan eligibility if you meet the service requirements highlighted above. To qualify, you should generally have: 

• Satisfactory credit
• Sufficient income
• A valid Certificate of Eligibility

Additionally, the home must be your own personal primary residence.

Credit and Income Eligibility Requirements

If you are interested in applying for a VA home loan, you should have satisfactory credit and sufficient income. Call us at 800-405-4187 to explain to us your needs and circumstances and to learn about our specific VA loan criteria and requirements.

Certificate of Eligibility

Upon demonstrating that you are eligible, you will need to present a Certificate of Eligibility (COE) to the lender. This verifies to the lender that you have eligibility for a VA-guaranteed home loan. 

If you are a veteran or a current or former National Guard or Reserve member, you may need to have a copy of your DD Form 214 available. For a full list of evidence you may need depending on your specific status and situation, consult the Certificate of Eligibility guidelines established by the U.S. Department of Veterans Affairs.

Benefits of a VA Home Loan

There are many potential reasons you may consider applying for a VA-guaranteed home loan. For instance, you may want to:

• Purchase a home or a condominium unit in a VA-approved project
• Build a home
• Both purchase and improve a home
• Refinance an existing VA-guaranteed loan to lower your interest rate

Learn About Our NewDay $0 Down VA Home Loan

Regardless of your reason for wanting to apply for a VA home loan, we can help. With our NewDay $0 Down VA Home Loan, you don’t have to save for a down payment and you may borrow up to 100% of the purchase price.

If you are looking to purchase a home, our zero-down loan places the American dream within your reach.