Because VA loans are administered by the Department of Veterans Affairs, some active duty service members may be unsure whether they are eligible.
Yes, active duty service members can get a VA loan, but there are some guidelines to who can apply. Active duty service members must meet one of the following VA loan eligibility requirements:
As an active duty service member, you’re able to use your basic allowance for housing to pay for part, or all, of your mortgage. View our eligibility requirements page for additional information.
Active service members may face additional requirements to ensure they will be able to afford monthly payments after their service ends if they are within a year of their current re-enlistment, retirement or separation date.
VA lenders must determine the expiration date of the current enlistment and verify whether or not the VA loan applicant is re-enlisting. To accomplish this, lenders must get one or more of the following:
For those who will re-enlist or extend their service in the military, VA loan rules require the borrower to furnish an additional statement from the applicant's commanding officer showing the applicant is eligible to reenlist and that there is no reason why the reenlistment or extension of duty would be denied.
Contact the Department of Veterans Affairs for more information if you aren't sure if these rules apply to your specific circumstances. Or, if you are planning on retiring from the armed forces, check out the VA's occupancy requirements for retiring military members.