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The Curious Bag
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VA loans are home mortgages backed by the Department of Veterans' Affairs. The backing makes lenders more willing to extend favorable credit terms and accept lower down payments.
Time Frame
There are different qualification standards for people who started serving in the armed forces before Sept. 7, 1980,, as enlisted individuals or Oct. 16, 1981 for officers.
Prior Service
If you served before the dates in section 1, you must have served at least 90 days during a war (World War II, Vietnam or Korea) or at least 181 days during peacetime.
Service After 1980/1981
If you served after the dates in section 1, you must have served for at least 24 consecutive months or the entire time you were called to active duty, which must be at least 181 days during peacetime or 90 days during a war.
Discharge
If you were dishonorably discharged, you cannot qualify for a VA loan.
Spouses
If you are the spouse of a veteran who died in service and you have not remarried, or the spouse of a service person who is missing in action or a prisoner of war, you are eligible to take advantage to VA loans.
Source:
U.S. Department of Veteran's Affairs: Loan Guaranty Service
More Information:
U.S. Department of Veteran's Affairs: Veteran Registration Certificate of Eligibility
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