VA Homebuying
requirements & benefits
Service
(You must meet ONE of the following)Veterans
Served 90 consecutive days during wartime,
OR 181 days of active duty during peacetime,
OR 6 years in the Reserves or National Guard.
Active Duty
At least 90 continuous days of active service.
National Guard/Reservists
6 years of service OR
Called to active duty for 90+ days under Title 10 or Title 32 (at least 30 of those days must be consecutive).
Surviving Spouses
Unremarried spouses of veterans who died in service or from a service-connected disability, were missing in action (MIA) or prisoners of war (POW),
OR remarried after age 57 and after Dec. 16, 2003.
Certificate of Eligibility (COE)
You’ll need a COE to prove your eligibility.
Your lender can help you request it, or
You can apply online via the VA eBenefits portal.
Financial
No minimum credit score set by the VA, but most lenders prefer 620+.
Must have sufficient income to cover the mortgage and other expenses.
Must meet VA’s residual income guidelines (ensures you have money left after monthly obligations).
Property
The home must be:Your primary residence
Meet VA’s minimum property requirements (MPRs)
Appraised by a VA-certified appraiser
Benefits
VA loans come with powerful benefits designed to make homeownership more accessible and affordable.No down payment required
VA loans enable eligible borrowers to buy a home without a down payment, easing financial barriers to homeownership.
No PMI required
Borrowers do not need to pay Private Mortgage Insurance (PMI), saving a significant monthly expense compared to conventional loans.
Competitive interest rates
VA loans often feature lower interest rates, reducing the cost over the life of the loan.
Assumable loan
VA loans can be transferred to another eligible buyer, potentially simplifying the sale of the home.
Flexible credit requirements
These loans have more forgiving credit criteria, making homeownership more accessible.
Limited closing costs
The VA caps certain closing costs, lowering initial expenses for buyers.
Connect with Us
Earl Rhee
LICENSED REAL ESTATE BROKER
(671) 727-7811
earl@rhee.llc
Kay Lorenn Domingo
LICENSED REAL ESTATE ASSOCIATE
(671) 998-5888
kaylorenn@rhee.llc
Alfred Thomas
LICENSED REAL ESTATE ASSOCIATE
(671) 489-8798
alfred@rhee.llc
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