Are you Eligible For a VA Home Mortgage?

VA Veterans have a GREAT opportunity to get into a home loan with no money down!

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Are you eligible for a VA Home Loan?

Many men and women have proudly served in our US Military during peace time and during war.  But many do not know they are eligible for one of the prized benefits the VA offers, a home loan.  And just not any loan, but a loan with low interest rates, restriced fees, and NO money down.

A VA Home Loan can be used to:

  • Buy a Home, Condo, or VA approved project.
  • Build a home, new constructions.
  • Improve an existing home with energy efficient items.
  • Buy a manufactured home and place it on a permanent foundation.
  • Refinance an exisitng home into a lower interest rate.
  • Refinance an existing home and cash out up to 100% of the equity.
  • Just alone in 2016, there were over 352,000 VA home loans according the the Department of Veterans Affairs.

So do you qualify for one of these VA Mortgage? 
Well 1st, did you serve in one of them 5 branches of the Armed Forces:

  • United States Army
  • United States Navy
  • United States Airforce
  • United States Marines
  • United States Coast Guard

Next, were you Honorably Discharged?

Now let's look at your service:

World War II : September 16, 1940 through July 25, 1947
Korean War : June 27, 1950 through January 31, 1955
Vietnam War : August 5, 1964 through May 7th, 1975

Service Requirements:  

  • At least 90 days active duty - with other then dishonorable discharge
  • Less than 90 days active duty - IF discharge for a service connected disability

 

Gulf War : August 2, 1990 - to be determined

Service Requirements:

24 months consinuous active-duty - with other than dishonorable discharge.

At least 90 days or completed the full term that he or she was ordered to active duty with other and dishonorable discharge.

At least 90 days active duty - and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability.

Less than 90 days active duty - if discharged for a service-connected disability.

 

For Service During Peace Time in the 5 branches:

ALL : July 26, 1947 to June 26, 1950
ALL : February 1st, 1955 to August 4th, 1964.

Enlisted : May 8th, 1975 to September 7th, 1980
Officers : May 8th, 1975 to October 16, 1981

Service Requirement:

  • Atleast 181 days continous active duty - with other than dishonorable discharge.
  • Less than 181 days active duty - if discharge for a service-connected disability.

 

If you were seperated from service:

Enlisted : After September 7th, 1980
Officers : After October 16th, 1981

Service Requirements:

  • 24 months continous active duty - with other than dishonorable discharge.
  • At least 181 day or completed the full term that he or she was ordered to active duty with other then dishonorable discharge.
  • At least 18 days active duty - and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability.
  • Less than 181 days active duty - if discharged for a service-connected disability.

 

Selected Reserve or National Guard:

Completion of a total of 6 credible years in the Selected Reserve or National Guard:

  • Member of an Active Unit.
  • Attending required weekend drills.
  • Attending two-week active duty training

Then:

  • Were Discharged with an honorable discharge.
  • Were placed on the retired list.
  • Were transferredto the Standby Reserve or and element of the Ready Reserve other than the Selective Reserve after service characterized as honorable service.
  • Continue to serve in the Selected Reserves.
  • Or was discharged Prior to 6 years, for a sevice connected disability.
     


Spouses may also be eligible if:

  • You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability.
  • You are a spouse of a Service Member missing in action or a prisoner of war.
  • You are a surviving spouse in receipt of Dependency and Indemnity Compensation benefits in cases where the Veteran's death was not service connected.

 

 

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