Who's Eligible for a VA-Backed Loan?
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Who's Eligible for a VA-Backed Loan?
Veterans who served on active duty and were discharged under conditions other than dishonorable during World War II and after are eligible for VA loan benefits.
Veterans of World War II (September 16, 1940, to July 25, 1947), the Korean conflict (June 27, 1950, to January 31, 1955), and the Vietnam era (August 5, 1964, to May 7, 1975) must have at least 90 days of service.
Peacetime Service Veterans with service only during peacetime periods and active-duty military personnel must have had more than 180 days of active service. Veterans of enlisted service that began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served for at least two years.
Persian Gulf Conflict Reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days, and were discharged honorably are eligible.
Members of the Selected Reserve, including the National Guard, who are not otherwise eligible and who have completed six years of service and have been honorably discharged or have completed six years of service and are still serving may be eligible.
Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans.
As always, if you have any questions or you need more information on any of the loan programs shown in this site, please feel free to call me in my office at 1-347-559-5626 or you can email me at question@the123Mortgage.com.