If you're a veteran, active-duty service member, or surviving spouse, you may be eligible for a VA home loan. In this article, we'll explore who is eligible for a VA home loan and what you need to know about the application process.
Who is Eligible for a VA Home Loan?
To be eligible for a VA home loan, you must meet one of the following criteria:
- You are a veteran who served on active duty and was discharged under conditions other than dishonorable after a minimum of 90 days of service during wartime or 181 continuous days during peacetime.
- You are an active-duty service member who has served for a minimum of 90 consecutive days.
- You are a National Guard or Reserve member who has served for at least six years.
- You are a surviving spouse of a service member who died in the line of duty or as a result of a service-related disability.
It's important to note that even if you meet one of the above criteria, your eligibility for a VA home loan may still depend on other factors, such as your credit score, debt-to-income ratio, and the value of the property you're looking to purchase.
What are the Benefits of a VA Home Loan?
One of the primary benefits of a VA home loan is that it allows eligible service members and veterans to purchase a home with little or no down payment. This can make homeownership more accessible and affordable, especially for those who may not have a large amount of savings.
Additionally, VA home loans typically have lower interest rates than traditional loans, which can save borrowers money over the life of the loan. VA loans also don't require private mortgage insurance (PMI), which can further reduce the cost of homeownership.
What Do You Need to Know About the Application Process?
To apply for a VA home loan, you'll need to obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs. Because 1st Choice Mortgage does LOTS of VA loan, we can assist you with this. We have direct access to the Department of Veterans Affairs and can get your COE as quickly as 30 seconds, but sometimes it can take as long as 3 days. 
Once you have your COE, you can start shopping for a home and working with a mortgage broker, like 1st Choice Mortgage, to obtain a preapproval for your loan. From there, you'll need to submit a formal loan application and provide documentation such as your pay stubs, tax returns, and bank statements.
It's important to work with a lender who is experienced in VA home loans, as the application process can be more complex than traditional loans. 1st Choice Mortgage has been doing VA loans in Idaho for over 30 years, we know VA loans!!
If you're a veteran, active-duty service member, or surviving spouse, you may be eligible for a VA home loan. This type of loan can offer significant benefits, such as no down payment and lower interest rates, but it's important to understand the application process and your eligibility requirements before applying. By working with an experienced lender and obtaining your COE from the VA, you can take the first step toward homeownership with a VA home loan.
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.