VA Loan Eligibility: Who Qualifies & How to Apply

Griffin Funding has several VA home loans that are specifically designed to help active-duty military personnel and veterans across the country qualify for a mortgage and purchase their new home or refinance their mortgage. Our favorable terms are much more flexible than traditional mortgage loans, helping you overcome the common barriers to entry for homeownership.

Learn more about the exact requirements for VA loan eligibility, the minimum credit score for a VA loan, and how to obtain a VA loan with Griffin Funding. In addition to VA home loans that help you purchase a house, you can also refinance your current VA loan or another mortgage loan. Review our VA Mortgage Brochure to learn more about our VA home loan programs.

Who Is Eligible for a VA Loan?

Understanding VA home loan eligibility is essential before starting your application. To be eligible for a VA loan, you must fall into one of the following categories:

• Service members and veterans: Must have served at least 90 days during wartime or 181 days during peacetime.
• Reserves and National Guard members: Must have completed six years of service or served at least 90 days (30 days consecutively) under Title 32 orders.
• Eligible surviving spouses: Spouse must have died as a result of service or service-related injuries, or you must be in receipt of Dependency and Indemnity Compensation (DIC). You may also qualify if your spouse is serving on active duty and has been listed as a prisoner of war or missing-in-action for at least 90 days.

VA loan eligibility is dependent upon length of service, duty status, and character of service. It is important to note that individuals who have been dishonorably discharged are not eligible for a VA home loan.

What Are the VA Loan Requirements?

There are several VA loan requirements you will need to comply with. However, the requirements depend on the specifics of your VA loan structure.

Requirements for VA Purchase Loan or Cash-Out Refinance

For those applying for a VA purchase loan or a cash-out refinance, the following VA loan requirements apply:

• Obtain a Certificate of Eligibility (COE) (which can be requested electronically)
• Income qualification
• Minimum 550 FICO score
• 2 year waiting period for foreclosures, short sales, and Chapter 7 bankruptcies
• 1 year waiting period for Chapter 13 bankruptcies
• Completion of pest inspection and VA appraisal

Please note that you may only use a VA home loan for your primary residence. If you have questions about VA loan requirements, our loan officers will gladly clarify any points of confusion.

VA Streamline Refinance Requirements

For those applying for a VA streamline refinance, the VA loan requirements are much more flexible:

• No income or asset verification
• No credit score required
• No pest or termite inspection
• No monthly MI (mortgage insurance)

For VA streamline refinancing, recent credit events including foreclosures, short sales, and bankruptcies are okay.

To apply for a VA home loan through Griffin Funding, you must be current on your existing mortgage for the last 90 days. To learn more about our VA loan requirements and eligibility, speak with one of our knowledgeable loan officers today.

What Is the Minimum Required Credit Score for a VA Loan? 

For a VA loan through Griffin Funding, a minimum 580 credit score is typically required. However, in some cases, borrowers may be able to qualify with a 550 credit score.

To learn more about qualifying for a Griffin Funding VA home loan, schedule a discovery call with one of our loan officers.

What VA Loans Options Does Griffin Funding Offer?

Griffin Funding offers VA home loans for active-duty military personnel and veterans in Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Maryland, Michigan, Montana, Tennessee, Texas, Virginia, and Washington. Our VA Home Loan Programs include:

• VA Purchase Loan: Particularly popular among first-time buyers, this loan option helps if you’ve had trouble qualifying for a traditional mortgage to purchase a new home.
• VA Cash-Out Refinance Loan: Replace your current mortgage or a VA loan with a loan that has a lower rate while simultaneously turning equity in your home into cash.
• VA Streamline (IRRRL) Refinance: Refinance your current VA loan with another VA loan that has a lower monthly payment. With an IRRRL, you can also roll closing costs and other fees into the new loan balance.

Our loan officers can direct you to the best loan product for your needs. Our services are tailored to your unique situation to make the application process as simple and stress-free as possible.

How Do You Apply for a VA Home Loan?

The very first step in applying for a VA home loan is securing your COE from the VA. A COE is necessary to prove your VA loan eligibility. While it might sound intimidating, this portion of the process is fairly simple and can often be completed in just a few minutes. You can apply for a COE with your lender, by mail, or online through the eBenefits portal.

While there are a variety of lenders who provide VA home loans, Griffin Funding is dedicated to providing our veterans with unparalleled service and the most favorable terms. And, our application process has been streamlined to be as efficient as possible so you do not miss out on the home of your dreams.

VA Loan Application Process

The application process for a VA home loan includes the following steps:

1. Review eligibility: A loan officer will review your VA loan eligibility to determine if it is the right loan option for you, find the best interest rate based on your credit score, and provide you with a quote along with details about your loan options.
2. Lock in your rate: Once you have your quote, you can lock in your rate based on your terms.
3. Apply: You can either complete an application on the phone with the loan officer, or you can submit an application online. You will also need to sign the initial disclosures.
4. Gather documentation: Next, we will request any necessary documentation which you can scan, fax, overnight via mail, or submit on our secure platform. Keep in mind that the faster you are able to return the documents to us, the more quickly we can submit it to underwriting.
5. VA appraisal: You will need to schedule a VA appraisal that will evaluate the safety, sanitation, and structural integrity of the home. There will also need to be a pest inspection before the loan can be approved.
6. Review and sign: Once everything is processed, you will review your final loan documents and then have them notarized with our mobile notary.

You will receive your loan funding for a purchase on the same day. However, refinance funding will require a three-day waiting period.

How Long Does It Take to Get a VA Home Loan?

While the typical VA loan timeline spans 40 to 50 days in the mortgage industry, Griffin Funding prioritizes efficiency in our process. As such, we are often able to qualify our customers for VA loans within 30 days.

If you are purchasing a home, you want to be able to put an offer on the house before another party, so every day that your loan is in progress matters. Unfortunately, in many cases, buyers miss out on their ideal home because the loan process becomes drawn out. However, you can rest assured that the team at Griffin Funding is dedicated to completing your loan as quickly as possible.

Apply for a VA Home Loan Today

Griffin Funding is proud to serve our country’s veterans with favorable VA home loan options and customer-oriented service. We strive to make the loan application process as efficient and enjoyable as possible with streamlined operations, the latest technology, and a common-sense approach to underwriting.

Download our Griffin Gold app to start managing your VA loan journey right from your smartphone.

If you’re ready to apply for your VA home loan or want to learn more about the VA loan program, reach out today.