VA Mortgage Loans

The VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required. While most people believe that the VA lends money directly to veterans, it actually just insures the mortgage financed by VA-approved lenders.

Why Are VA Loans So Great?

VA loans are one of the best options available for veterans that would like to purchase a home or refinance their current VA mortgage. The VA program allows veterans to purchase a home with no down payment and 100% financing. In addition to this monthly mortgage insurance is not required which makes the VA program one of the most affordable options available. If a veteran is already on a VA loan they can take advantage of a reduced documentation refinance by using the streamline program to lower their payments.

Wartime Veterans who were not dishonorably discharged and served at least 90 days:

World War II – September 16, 1940 to July 25, 1947
Korean Conflict – June 27, 1950 to January 31, 1955
Vietnam Era – August 5, 1964 to May 7, 1975
Persian Gulf War – Check with VA regional office for specific eligibility
Afghanistan and Iraq – Check the VA’s Website for eligibility guidelines for current service in Afghanistan and Iraq

Reserves and National Guard

Members who have completed six years of service and have been honorably discharged (or are still serving) may be eligible for a VA loan. Contact your regional VA office for more details.

Peacetime Service

Peacetime service of at least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-connected disability, you should speak with the regional VA office to verify eligibility.

July 26, 1947 to June 26, 1950
February 1, 1955 to August 4, 1964, or
May 8, 1975 to September 7, 1980 (enlisted) or to October 16, 1981 (officer)
Enlisted veterans whose service began after September 7, 1980, or officers whose service began after October 16, 1981, must normally have served at least two years.

Other types of service that may make you eligible for a VA loan:

Certain US citizens who served in the armed forces of a government allied with the United States during World War II
Surviving spouses of eligible persons who died as the result of service or service-connected injuries. The surviving spouse must not have remarried
The spouse of any member of the Armed Forces serving on active duty who has been listed as a prisoner of war or missing in action for more than 90 days

VA Mortgage Loans