You must have satisfactory credit, income, and a valid Certificate of Eligibility (COE) for a VA-guaranteed home loan. The home cannot be used as an investment property, it must be a personal home.
VA home loans can be used to:
- Buy a home, a condominium unit in a VA-approved project
- Build a home
- Purchase and improve a home
- Improve a home by installing energy-related features or making energy efficient improvements
- Buy a manufactured home and/or lot
- To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate
- To refinance an existing mortgage loan
The requirements vary so the best way to know if you would be eligible for a VA loan would be to check the VA website. The list is online and easy to understand.