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The Curious Bag
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VA home loans are available to veterans and active duty Armed Forces members that meet the service and discharge requirements established by the U.S. Department of Veterans Affairs. Surviving spouses, Selected Reserves and National Guard members may also qualify.
Facts
VA loans offer military veterans the opportunity to purchase a home with no down payment and with affordable financing terms. Qualified individuals must have a Certificate of Eligibility from the VA to obtain this type of loan.
Eligible Veterans
Active duty veterans that have served a minimum of 90 days during Word War II, Korean War, Vietnam War or the Gulf War are eligible for VA loans. All other peacetime veterans must have completed at least 181 days of service.
Honorable Discharge
Qualified veterans are those that have received an honorable discharge or a discharge related to an injury they received during their service period.
Occupancy
Only veterans that plan to live in the home they are purchasing with a VA loan can receive this type of loan.
Considerations
The surviving spouses of Armed Forces members may receive an eligibility certificate if they have not remarried. Selected Reserves and National Guard members can qualify with six years of honorable service.
Source:
Department of Veterans Affairs: Eligibility Frequently Asked Questions
Department of Veterans Affairs: General Rules for Eligibility
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