Posted on: June 2, 2016
You are currently serving, or have completed your faithful service to this country. Now you wonder if you have earned your VA home loan benefit.
Eligibility can seem like a confusing thing to figure out, especially when you want to move forward with home-buying plans for you and your family.
More than 320,000 current and former service members bought a home with a VA loan in 2015, according to VA. It could be time for you to take advantage of this benefit too.
A VA mortgage offers 100% financing, low rates, and zero mortgage insurance.
So, we’ve put together a quick reference guide that can tell you if you are likely eligible for this benefit.
Current and former U.S. armed forces service members are typically eligible if they are currently serving, or have met service requirements with an honorable discharge. Eligibility can be earned by serving in the Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves or National guard.
You are probably eligible if you’ve served:
Without further ado, here are several charts that can tell you if you could be eligible for this incredible benefit.
The below chart shows required service history depending on when you served:
Separated from Service: Minimum Service Requirements
|WWII||9/16/1940 – 7/25/1947||90 continuous days|
|Peacetime||7/26/1947 – 6/26/1950||181 days|
|Korean||6/27/1950 – 1/31/1955||90 days|
|Post-Korean||2/01/1955 – 8/04/1964||181 days|
|Vietnam||8/05/1964 – 5/07/1975||90 days|
|Post-Vietnam||5/08/1975 – 9/07/1980||181 days|
|Post-Vietnam||9/08/1980 – 8/01/1990||2 years|
|Persian Gulf||8/2/1990 – undetermined||2 years or the full amount
of time called,
not less than 90 days
Get a VA loan rate quote here.
You may be eligible if you are not yet separated from service or meet other eligibility criteria:
Active Duty and Other Eligibility Criteria
|Other Eligible Persons||Minimum Service Required|
|Active Duty||90 continuous days (181 days in peacetime)|
|Active Reserve or National Guard||6 years in Selected Reserves|
|Unmarried surviving spouse||No service required if spouse died of service-connected causes|
|Spouse of POW/MIA veteran||Veteran must be POW/MIA for at least 90 days|
Complete this short online form for more information on VA home loan eligibility.
There are many ways in which you may be eligible for a VA home loan:
If you enlisted and service began on or BEFORE September 7, 1980 or your were an officer and service began on or BEFORE October 16, 1980 you are eligible if you served honorably for:
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:
The Vietnam Era begins on Feb 28, ’61 for individuals who served in the Republic of Vietnam
You may also be determined eligible if you:
The above information does not cover every situation. To find out if you are eligible for a VA loan, contact us here to get a VA loan rate quote and verify your eligibility.
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.
“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:
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.
If you have any questions about your eligibility or qualifications for a VA loan, call (866) 240-3742 to speak with a licensed lender who can help you with your specific needs.
The VA home loan program is an excellent deal for active duty military personnel and non-active duty veterans. Take advantage of your benefits.
Here’s a video with a detailed description of eligibility and the Certificate of Eligibility form.
Source: VA Handbook