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The VA Loan Eligibility Reference Guide for Mortgages

What Is a VA Home Loan?

As part of the G.I. Bill, the Department of Veterans Affairs started a mortgage program in 1944 to aid veterans’ reintegration into their communities.

More than seventy years later, the VA Loan Guaranty program is still a vital component of the VA Benefits accessible to service people.

VA loans are among the least expensive methods to buy a house with a low or no down payment since they provide the option of 100% financing and never need mortgage insurance. In addition, because the government guarantees VA loans, lenders are ready to give them at reduced interest rates.

Who is thus eligible for the VA Loan Guarantee program? Not everyone, but far more than may be expected.

Here is an outline of the eligibility requirements for VA home loans.

VA Loan Eligibility for Veterans

To be eligible for a VA loan, most veterans must have completed a minimum period of qualified active-duty service; however, there are a few exceptions.

The minimal duration of duty varies according to the periods of service.

Veterans Who Served Between August 2, 1990, to the Present Day

Veterans who served between August 2, 1990, and the current day must have completed at least 24 months of continuous service or 90 days of active duty.

Veterans Who Served Between September 8, 1980, and August 1, 1990

Veterans who served between September 8, 1980, and August 1, 1990, are required to have completed 24 months of continuous service or 181 days of active duty. The effective date for this requirement for officers is October 17, 1981.

Veterans Who Served Between May 8, 1975, and September 7, 1980

Veterans who served between May 8, 1975, and September 7, 1980, must have completed 181 days of continuous service. The deadline for officers to meet this qualification is October 16, 1981.

Veterans Who Served Between August 5, 1964, and May 7, 1975

Veterans who served between August 5, 1964, and May 7, 1975, must have spent at least 90 days of active service. The initiation date for this obligation for veterans who served in the Republic of Vietnam is February 28, 1961.

Veterans Who Served Between February 1, 1955, and August 4, 1964

Veterans who served between February 1, 1955, and August 4, 1964, must have completed 181 days of continuous service.

Veterans Who Served Between June 27, 1950, and January 31, 1955

Veterans who served between June 27, 1950, and January 31, 1955, must have spent a minimum of 90 days on active duty.

Veterans Who Served Between July 26, 1947, and June 30, 1950

Veterans who served between July 26, 1947, and June 26, 1950, must have done 181 consecutive days of duty.

Veterans Who Served Between September 16, 1940, and July 25, 1947

Veterans who served between September 16, 1940, and July 25, 1947, must have served for 90 days.

Additional Qualifying Requirements for Military Personnel

Even if they do not meet the minimum service requirements, veterans discharged due to hardship, government convenience, reduction-in-force, certain medical conditions, or a service-connected disability are eligible for a VA loan.

Dishonorably discharged veterans are ineligible for the VA home loan program.

VA Loan Eligibility for Non-veterans

The VA home loan program is open to non-veterans as well. This class comprises specific active-duty military borrowers, their families, and others.

Personnel Serving on Active Duty

After 90 days of continuous active duty, military members can apply for a VA loan. Army, Navy, Air Force, and Marine Corps personnel are eligible.

Military Spouses

Some military spouses may also qualify for a VA loan.

If the service-member to whom the spouse is married is still alive and has been officially declared a prisoner of war (POW) for at least 90 days or missing in action (MIA), the spouse may be eligible. This eligibility may only be utilized once.

Upon the service-member’s death to whom the spouse was married, the surviving spouse may be eligible if they have not remarried and the service-member died on active duty, was a completely handicapped veteran, or died as a consequence of a service-connected disability.

Remarried spouses may be subject to more complex restrictions. A visit with a lender recognized by the VA may be necessary.

Through the VA streamlined refinance program, a spouse who received a VA home loan with a deceased active-duty service-member or veteran can refinance that loan into a new VA loan with a lower interest rate.

In this circumstance, the service-member’s or veteran’s death is not needed to be service-related.

Whether living or deceased, children of active-duty service-members or veterans are ineligible for VA loans as a service-connected benefit.

Members of the Reserves and National Guard

VA loans are available to members of the National Guard and Reserves who have completed six years of service in the Selected Reserve or National Guard and continue to serve in the Selected Reserve, or who were placed on the retired list, honorably discharged, or transferred after honorable service to the Standby Reserve or a Ready Reserve element other than the Selected Reserve.

Other Persons Eligible for VA Loans

Also eligible for VA loans are those who have completed service with certain federal government agencies.

Cadets at the Air Force, U.S. Military, or Coast Guard Academy, midshipmen at the U.S. Naval Academy, merchant sailors from World War II, U.S. Public Health Service officers, and National Oceanic and Atmospheric Administration officers are examples.

What Are the Mortgage Rates Today?

The VA home loan program is offered in all fifty states, and mortgage interest rates are generally cheap. If you are eligible for the program, you should take advantage of the chance to be accepted.

Obtain current mortgage rates immediately. No SSN is necessary to initiate the quotation process, and all estimates include access to your actual mortgage credit scores.


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