VA Loan Eligibility

admin | December 30, 2009 | 0 Comments

The Dept. of Veteran Affairs provides superior home financing for military vets with their VA home loan program. VA loans offer unique lending options looking to purchase a new home or refinance their present home loan. VA loan guidelines offer flexibility because borrowers do not need any money for down-payments for home buying. VA guarantees the loan to lenders and credit is extrended easier than with conforming loans. Military Vets can get financing with 100% home loans. VA mortgage rates continue to be posted at record lows. 40 year fixed VA mortgages have been available for most of 2009 below 5%.

Military Service Requirements for VA Loan Eligibility:

Note: VA loan applications involving other than honorable discharges will usually require further development by VA. This is necessary to determine if the service was under other than dishonorable conditions.

Wartime – Service During:

WWII: 9/16/1940 to 7/25/1947
Korean: 6/27/1950 to 1/31/1955
Vietnam: 8/5/1964 to 5/7/1975

For VA loan approval, you must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.

Peacetime – Service during periods:

7/26/1947 to 6/26/1950
2/1/1955 to 8/4/1964
5/8/1975 to 9/7/1980 (Enlisted)
5/8/1975 to 10/16/1981 (Officer)

For a VA mortgage, you must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.

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