VA Loan Details

VA Loan Requirements & Eligibility

The VA home loan benefit is earned through service. Qualifying for one comes down to two things: showing that you're eligible for the benefit, and meeting the lender's standards for the loan itself.

Who can be eligible

• Veterans who meet the VA's minimum service requirements and were discharged under conditions other than dishonorable
• Active-duty service members who have served the required amount of time
• National Guard and Reserve members with qualifying service or activation
• Certain surviving spouses, for example the spouse of a service member who died in the line of duty or from a service-connected disability

The service requirements depend on when and how you served. If you're not sure where you stand, we can help you find out.

Your Certificate of Eligibility (COE)

The COE is the document that confirms your VA benefit to the lender. In most cases we can request it for you electronically. You can also request it yourself through va.gov.

Reviewing your finances

The VA guarantees the loan, but a lender like Fidelity Funding makes it. Before approval, a loan officer reviews your finances with you to make sure the new payment fits comfortably in your budget. Every situation is different, so we go over the details one-on-one instead of publishing a checklist.

Home and occupancy requirements

• Primary residence: you'll need to live in the home, not use it as a vacation home or investment property.
• VA appraisal: a VA-assigned appraiser confirms the home's value and checks that it meets the VA's minimum property requirements for safety, soundness and sanitation.

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VA Loan Costs & Fees

Like any mortgage, a VA loan comes with some costs. The main one that's specific to VA loans is the VA funding fee.

The VA funding fee

• What it is: a one-time fee paid to the VA that keeps the home loan program going for future veterans and service members.
• What it depends on: the type of loan, your down payment, and whether you've used your VA benefit before.
• Who may be exempt: some borrowers don't pay it at all. That includes many veterans receiving VA compensation for a service-connected disability, certain surviving spouses, and some service members who have received the Purple Heart.
• How it's paid: it can often be rolled into the loan, so you don't have to pay it up front. You can also pay it at closing.

Your costs, explained up front

Costs vary from one loan, property and location to the next. Your Fidelity loan officer will walk you through the costs that apply to you before you commit to anything, and you'll receive written disclosures that spell them out.

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