VA, also known as the Department of Veteran Affairs, offers to qualifying current and ex-members of the Armed Forces (to include the Reserves and National Guard) guaranteed mortgages up to 100% of the value of the property they are purchasing. Based upon a person's "eligibility", home loan amounts can be as high as $240,000.

VA home loans are fixed rate mortgages with terms of either 15 or 30 years. Since the VA guarantees the mortgage, there is no mortgage insurance. However, the VA requires the borrower to pay a funding fee ranging from 0.5% to 3% for the mortgage (this fee is waived for qualifying disabled veterans). In addition, VA home loans are fully assumable by a qualifying borrower.

Who is Eligible?
VA home loan eligibility is restricted to U.S. service personnel currently on active duty or honorably discharged from the military to include the Army, Nave, Air Force, Marine Corps, Coast Guard, the Reserves and National guard.

This applies to anyone who served during wartime or peacetime for the following periods of time:

Wartime	Peacetime
World War II	Post-World War II
Sep 16, '40 to Jul 25, '47	Jul 26, '47 to Jun 26, '50
Korean Conflict	Post-Korean Conflict
Jun 27, '50 to Jan 31, '55	Feb 1, '55 to Aug 4, '64
Korean Conflict	Post-Korean Conflict
Jun 27, '50 to Jan 31, '55	Feb 1, '55 to Aug 4, '64
Vietnam Era	Post Vietnam Period
Aug 5, '64 to May 7, '75	May 8, '75 to Aug 1, '90
Persian Gulf War
Aug 2, '90 to undetermined

If you enlisted and service began on or BEFORE September 7, 1980 or you were an officer and service began on or BEFORE October 16, 1980 you are eligible if you served honorably for:

• 90 days or more, any part of which occurred during wartime or
• 181 continuous days or more during peacetime

If you enlisted and service began AFTER September 7, 1980 or you were an officer and service began AFTER October 16, 1980, you may be eligible if you served honorably for:

• 24 continuous months or more or
• the full period for which ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime)
• Member of the National Guard or Reserves for a minimum of 6 years (see below for more information)

You may also be determined eligible if you:

• were discharged for a service-connected disability, or
• were discharged for the convenience of the government after completing at least 20 months of a 2-year enlistment, or
• completed not less than 90 days (any part during wartime) or 181 continuous days (peacetime), and

• were discharged because of a hardship, or
• were determined to have a service-connected compensable disability, or
• were discharged or released from active duty for a medical condition which preexisted service and has not been determined to be service-connected, or
• received an involuntary discharge or release from active duty for the convenience of the Government as a result of a reduction in force, or
• were discharged or released from active duty for a physical or mental condition not characterized as a disability and not the result of misconduct but which did interfere with your performance of duty
• are an un-remarried spouse of a veteran who died while in service or from a service connected disability, o
• are a spouse of a serviceperson missing in action or a prisoner of war.

Active Duty Service Personnel
If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days. When an ending date is established for Persian Gulf War service, a minimum of 181 days of continuous active duty will be required for persons who did not have wartime service.

Members of the Selected Reserve
"Selected Reserve" means the Selected Reserve of the Ready Reserve of any of the Reserve components which consists of units and individuals who participate actively in paid training periods and serve on paid active duty for training each year. This includes Army, Navy, Air Force, Marine Corps, and Coast Guard Reserves as well as Army National Guard and Air National Guard.

6-Year Requirement: A veteran, who is not otherwise eligible, who completes a total of 6 years as a member of the Selected Reserve (need not be ordered to active duty) is eligible if he or she either:

• received an honorable discharge
• was placed on the retired list
• was transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service in the Selected Reserve characterized as honorable
• continues to serve in the Selected Reserve.

The 6 years service need not be continuous nor in the same Reserve or National Guard unit. However, active duty regular military service cannot be combined with Reserve service to reach the 6 year requirement

Eligibility may also be established for:

• certain United States citizens who served in the armed forces of a government allied with the United States in World War II.
• individuals with service as members in certain organizations, such as Public Health Service officers, cadets/midshipmen at service academies, officers of National Oceanic and Atmospheric Administration, merchant seamen with WWII service, and others.

For information on rates and terms, please contact us at:



or e-mail lenny@444loan.com

 

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