How Does a Veteran Qualify for a Home Loan?
VA home loans allow military families to purchase a home with no down payment. Active-duty service members who have served a minimum of 181 days are eligible to apply for a VA home loan. The service member must be able to qualify for a loan with the lender to obtain the benefits of a VA-insured mortgage. Veterans and other service members can also qualify for a VA home loan.
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Wartime Veterans
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Veterans who served during Vietnam, Korean and World War II must have completed 90 days of active duty service and received an honorable discharge. Those who were disabled as a result of their service, but do not meet the time requirements, may still be eligible for a VA loan. Veterans who served in the Gulf War must have completed 24 continuous months of active duty service and received an honorable discharge. For those who were discharged for a hardship or an early out, 90 days of active duty service is required. Those who were released for certain medical conditions, or in an involuntary reduction in force, may also be eligible.
Peacetime Veterans
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Veterans who served during times of peace prior to October 16, 1981 are required to have completed at least 181 days of continuous active duty service and received an honorable discharge. Veterans with service-related disabilities may still qualify if they have not met the time requirement. During times of peace after October 16, 1981, the veteran must have served on active duty for 24 consecutive months or the full term of his service. The full term must have been a minimum of 181 days. The veteran must have received an honorable discharge.
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National Guard and Survivng Spouses
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National Guard members are also eligible to obtain a VA home loan. The service member must have completed six years in the National Guard. The service member must have participated in the required weekend drills and attended the two-week training. Those who continue to serve, those who were discharged and reservists who were placed on a retirement list are eligible to apply. An unmarried spouse of a veteran who died during service or from a service-related injury may also be eligible for a VA loan.
Ceritifcate of Eligiblity
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Veterans must obtain a Certificate of Eligibility to be approved for a VA home loan. The Certificate of Eligibility is evidence of the veteran's proof of service. Active-duty personnel, retired veterans and reservists can obtain the Certificate of Eligibility online, through a lender or by mail. Veterans will be required to submit DD Form 214 as evidence of time served. Active-duty personnel must submit a current statement of service that details their name, Social Security number, date of birth, beginning date of service and the name of the command they are assigned to.
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References
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