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VA Home Loan Requirements 2019

[fa icon="calendar"] Mar 13, 2019 8:53:00 AM / by Eustis Mortgage

Eustis Mortgage

 

Are you a veteran, active duty service member, National Guard member or reservist? You may be eligible for VA financing to purchase a home. A VA Loan has a multitude of benefits that you can take advantage of including: no down payment, no monthly mortgage insurance, and much more saving you money.

Although the VA determines final eligibility of qualification, you can get a good idea if you qualify from the Department of Veteran Affairs few basic service requirements. 

You may be eligible for a VA home loan if your service falls within any of the following categories:

  

Active Duty Service Personnel

  • Served 90 consecutive days of active service during wartime
  • Served 181 days of active service during peacetime

 

Members of the Selected Reserve

  • More than 6 years of service in the National Guard or Reserves
  • Spouses of a service member who has died in the line of duty or as a result of a service-related disability
  • Discharged under honorable conditions
  • Placed on the retired list
  • Transferred to an element of the Ready Reserve other than the Selected Reserve
  • Continuing to serve in the Selected Reserve are eligible for a GI loan

 

Other Types of Service

  • Spouses of members of the Armed Forces serving on active duty who is a prisoner of war or has been listed as missing in action for more than 90 days.
  • United States citizens who served in the armed forces of a government allied with the United States in World War II.
  • Members with service in certain other organizations, services, programs and schools may also be eligible. 
  • Un-remarried surviving spouses of the above described eligible persons who died as the result of service or service-connected injuries. 
  • If you were enlisted and your entire service was between 9/7/1980 — 8/1/1990
  • If you were an officer and your entire service was between 10/16/1981 — 8/1/1990

 

 

Peacetime Service

  • Active duty continuously for 181 days & been discharged or released under conditions other than dishonorable. If you served less than 181 days, you may be eligible if discharged because of a service-connected disability.

If your entire service was during one of the following periods:

  • July 26, 1947 — June 26,1950,
  • February 1, 1955 — August 4, 1964
  • May 8, 1975 — September 7, 1980 if enlisted 
  • May 8, 1975 —October 16, 1981 if an officer

 

Wartime Service

  • Served at least 90 days on active duty & has been discharged or released under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged because of a service-connected disability.

If you served was during one of the following periods:

  • World War II 
  • Korean Conflict 
  • Vietnam Era
  • Persian Gulf War
    • Requires service for 2 years or the full period for which called to active duty
    • Exceptions applying to service between September 7, 1980 and August 1, 1990 also apply to Persian Gulf War

Topics: Active Military and Veterans

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Written by Eustis Mortgage

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