Q:

What are the eligibility requirements for VA loan benefits?

A:

Quick Answer

To be eligible for VA loans, veterans must have a valid Certificate of Eligibility, sufficient income and suitable credit, according to the Veterans Administration. In addition, the loan must be used for buying or building a home or making improvements on the home.

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Full Answer

Only veterans discharged on favorable terms are eligible for VA loans; dishonorable discharge prohibits the approval of a loan. The service requirements established by the VA must also be met. The spouses of veterans may also be eligible for VA home loans if they are un-remarried spouses of veterans who died during service, who sustained a service-related disability, or who is a prisoner of war or was declared missing in action.

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