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VA Loan Information
WHO IS ELIGIBLE FOR A VA LOAN?
Veterans who served on active duty and were discharged under conditions other
than dishonorable, during World War II and later periods are eligible for VA
loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean
conflict (June 27, 1950 to January 31, 1955), and Vietnam era
(August 5, 1964 to May 7, 1975) veterans must have at least 90
days' service. Veterans with service only during peacetime periods and
active duty military personnel must have had more than 180 days' active
service. Veterans of enlisted service which began after September 7, 1980,
or officers with service beginning after October 16, 1981, must in most cases
have served at least 2 years.
Persian Gulf Conflict. Basically, reservists and National Guard members who
were activated on or after August 2, 1990, served at least 90 days and were
discharged honorably are eligible. VA regional office personnel may assist
with eligibility questions.
Members of the Selected Reserve, including National Guard, who are not otherwise
eligible and who have completed 6 years of service and have been honorably
discharged or have completed 6 years of service and are still serving may
be eligible. The expanded eligibility for Reserves and National Guard
individuals will expire September 30, 2003. Contact the local VA office
to find out what is needed to establish eligibility. Reservists will pay
a slightly higher funding fee than regular veterans. (See paragraph entitled
"Costs of Obtaining a VA Loan").
FREQUENTLY ASKED QUESTION # 31 [ -more VA Loan questions- ]
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Q: VA Homebuyer's Help? - What sort of advantages or help does the VA offer in the homebuying process?
A: When applying for a VA home loan there are some advantages to having the VA on your side during the home buying process. Did you know that VA loans offer limitations on closing costs? The VA also offers leniency to qualified VA borrowers who are having temporary financial problems. Other benefits of a VA home loan include long terms of repayment, prepayment rights (with certain guidelines) and under the right conditions, no downpayment required. You are also entitled to get an accurate assessment of the reasonable property value of your proposed purchase. These are just a handful of the added benefits of applying for a VA home loan.
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not a government agency.
Remember, the VA does not make home loans. They insure the loans that we can assist you in getting.
Let us help you get a VA insured mortgage loan at the lowest possible rates.
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