What is a VA Loan?
Who is eligible for a VA Loan?
- 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 the Veterans Administration Office
- Afghanistan & Iraq – Check with the Veterans Administration Office
- Veterans Administration website www.va.gov
At least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability you should contact your Regional VA Office for eligibility verification.
- 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 who service began after October 16, 1981, must have completed 24-months of continuous active duty and been honorably discharged
Reserves and National Guard
- Certain U.S. Citizens who served in the Armed Forces of a government allied with the United States during World War II.
- Surviving spouse of an eligible Veteran who died resulting from service, and has not remarried.
- The spouse of an Armed Forces member who served Active Duty, and was listed as a POW or MIA for more than 90-days.
What type of home can I buy with a VA loan?
A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:
- Existing Single-Family Home
- Townhouse or Condominium in a VA-Approved Project
- New Construction Residence
- Manufactured Home or Lot
- Home Refinances and Certain Types of Home Improvements
How do I apply for a VA guaranteed loan?
If I have already obtained one VA Loan, can I get another one?
What are the benefits of a VA Loan?
- 100% Financing & No Down Payment Loans
- No Private Mortgage (PMI)
- No Penalties for Prepaying the Loan
- Competitive Interest Rates
- Qualification is Easier than a Conventional Loan
- Sellers Pay Some of the Closing Costs
- Can be combined with additional down payment assistance to reduce closing costs
What are the disadvantages of a VA Loan?
- defaults the property the Veteran homeowner may be liable for the funds.
- Some sellers are hesitant to work with someone obtaining a VA Loan because it takes longer than a conventional loan to process.
- Sellers are often asked to pay a portion of closing costs and therefore less likely to negotiate the sales price of the home.