VA Home Loans

Wartime/Conflict Veterans

• Veterans who were NOT Dishonorably Discharged and served at least 90 days
• World War II—September 16, 1940, to July 25, 1947
• Korean Conflict—June 27, 1950, to January 31, 1955
• Vietnam Era—August 5, 1964, to May 7, 1975
• Persian Gulf War - Check with the Veterans Administration Office
• Afghanistan & Iraq—Check with the Veterans Administration Office
• Veterans Administration website www.va.gov

Peacetime Service

At least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability, you should contact your regional VA office for eligibility verification.

• July 26, 1947, to June 26, 1950
• February 1, 1955, to August 4, 1964, or May 8, 1975, to September 7, 1980 (enlisted), or to October 16, 1981 (officer)
• Enlisted veterans whose service began after September 7, 1980, or officers whose service began after October 16, 1981, must have completed 24 months of continuous active duty and been honorably discharged

Reserves and National Guard

• Certain U.S. citizens who served in the armed forces of a government allied with the United States during World War II.
• Surviving spouse of an eligible veteran who died as a result of service and has not remarried.
• The spouse of an Armed Forces member who served active duty and was listed as a POW or MIA for more than 90 days.

A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:

• Existing Single-Family Home
• Townhouse or Condominium in a VA-Approved Project
• New Construction Residence
• Manufactured Home or Lot
• Home Refinances and Certain Types of Home Improvements

• 100% Financing & No Down Payment Loans
• No Private Mortgage Insurance (PMI)
• No Penalties for Prepaying the Loan
• Competitive Interest Rates
• Qualification is Easier than a Conventional Loan
• Sellers Pay Some of the Closing Costs
• Can be combined with additional down payment assistance to reduce closing costs

You can apply for a VA loan with any mortgage lender that participates in the program. In addition to the application requirements from your lender, you will need the following at application time:

• Certificate of Eligibility from the Veterans Administration by submitting a completed VA Form 26-1880.
• Proof of Military Service from a VA Eligibility Center

Yes, your eligibility is reusable depending on the circumstances. If you have paid off your prior VA loan and disposed of the property, you can have your eligibility restored. Also, on a 1-time basis, you may have your eligibility restored if your prior VA loan has been paid off, but you still own the property. Either way, the veteran must send the Veterans Administration a completed VA Form 16-1880 to the VA Eligibility Center. To prevent delays in processing, it's advisable to include evidence that the prior loan has been fully paid and, if applicable, that the property was disposed of. A paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement must be submitted.

VA loans made prior to March 1, 1988, can be assumed with no qualifying of the new buyer. If the buyer defaults on the property, the veteran homeowner may be liable for the funds.

Some sellers are hesitant to work with someone obtaining a VA loan because it takes longer than a conventional loan to process.

Sellers are often asked to pay a portion of closing costs and are therefore less likely to negotiate the sales price of the home.