Who Qualifies for a VA Home Loan?
Are you a former military employee wondering if you qualify for a VA home loan? This article examines which service personnel can make use of the type of loan to buy their dream home.
Eligibility for a :
You are eligible for a VA home loan if you served in : (a) WWII from 09/16/40 to 07/25/47, (b) the Korean war from 06/27/50 to 01/31/55 and (c) Vietnam from 08/05/64 to 05/07/75.
To qualify for a VA home loan you must have been in active service for 90 days and have an honorable discharge. If you were disabled and active for less than this time you may still qualify under different conditions.
You also qualify for a VA home loan if you served during peacetime periods (such as the following):
07/26/47 to 06/26/50
02/01/55 to 08/04/64
05/08/75 to 09/07/80 (enlisted)
to 10/16/81 (officer) you may also qualify for a VA home loan
In this case you must have been in service for 181 days of continuous active duty or more and been discharged under honorable conditions. If you were disabled and active for less than this time you may still qualify for a VA home loan under different conditions.
Those who served after 09/07/80 (enlisted) or 10/16/81 (officer) may qualify for a VA home loan. If you served after these dates you should (a) have finished two years of active duty or 181 days of active service or completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 or (b) had 'compensable service-connected disability' or (c) been discharged with fewer than the required 181 days of service due to a disability.
You may also be eligible for a VA home loan if you were discharged by a reduction in military members, a medical illness or due to a Government decree.
Did you serve in the Gulf War from 08/02/90 onwards? If so you may qualify for a VA home loan if (a) you finished two years of active duty or 90 days for which you were called or (b) finished a minimum of 90 days active service and been discharged due to hardship or early out or (c) been disabled in service or been given a discharge within a period of less than 90 days due to a reduction in military members, a medical illness or due to a Government decree.
Are you on regular active duty? If you have served 181 days (90 days during the Gulf War) you also qualify for a VA home loan.
Have you completed 6 years of active service in the Selected Reserves or National Guard? If you were discharged with (a) an honorable discharge or (b) retired or were transferred to the Standby Reserve or Ready Reserve (not Selected Reserve) after honorable service or (c) are still in the unit you qualify for a VA home loan.
You may also qualify for a VA home loan if you are the spouse of a veteran who died and haven't re-married or if you are the spouse of a service person who is missing in action or a prisoner of war.
The above VA home loan eligibility information was taken from http://www.homeloans.va.gov/elig2.htm. Please visit their website for more in-depth information on this kind of home loan.
