VA LOAN ELIGIBILITY AND THE LOAN PROCESS

VA Loan Eligibility And The Loan Process

The United States government relies upon service men and women to stand up and defend the country when called upon. In exchange for writing a blank check to the United States, the government does afford veterans with some benefits, including an easier path to homeownership for those who have served. VA loans offer veterans and their families some of the most liberal financial terms available, but only to those who qualify.

Eligibility For VA Home Loans

There are a variety of different determining factors for VA loans eligibility. Most parameters involve service dates and the amount of time served. Discharge must be under honorable conditions.

The eligibility for wartime includes at least 90 days of active duty during:

·         World War II: With dates of service falling between 9/16/1940 to 7/25/1947

·         Korea: With dates of service between 6/27/1950 to 1/31/1955

·         Vietnam: With dates of service between 8/5/1964 to 5/7/1975

Peacetime eligibility calls for at least 181 days of continuous activity duty (unless a service-related injury occurred) between these dates:

·         7/26/1947 to 6/26/1950

·         2/1/1955 to 8/4/1964

·         5/8/1975 to 9/7/1980 for enlisted personnel

·         5/8/1975 to 10/16/1981 for officers

After 9/7/1980 (enlisted) and 10/16/1981 (officers) calls for these eligibility requirements:

Veterans must have completed 24 months of continuous active duty or their full tour to be eligible for VA loans or;

They must have completed at least 181 days and have been discharged under a hardship, early our or have a service-connected disability or;

They must have been discharged with a service-connected disability prior to completion of 181 days of service.

Current active duty personnel are eligible for VA home loans after completing at least 181 days of service. Gulf War participants must have served 90 days.

Reserve and National Guard members may also qualify for VA loans, but they must serve at least six years. Service-related disabilities can lessen the time frame.

Un-remarried spouses of veterans and U.S. citizens who served for another allied government during World War II may also be eligible for these loans, along with those who have worked for such organizations as the Coast Guard Academy, Public Health Service officers and a few others.

The Loan Process

Once eligibility has been determined, qualifying for VA loan rates involves a multistep process. At MyVaRefiance.net, we have streamlined this process as much as possible to make it easier on applicants. To get started, we recommend:

Locating a home to purchase – It is often best to have a home in mind for purchase before applying to obtain low VA mortgage rates. Once a house is found, just let the seller or seller’s agent know you’re looking into a VA loan. Get a signed purchase contract that is contingent on your loan approval.

Going through the application process – At MyVaRefinance.net, we can help you apply for a loan and secure financing. It is at this point you will need to obtain a Certificate of Eligibility if you don’t already have one. The lender can help you with this.

Get an appraisal – Before you can be approved for VA loans, the home you are considering will need to be appraised.

At MyVaRefinance.net, we are here to help veterans and their families through the entire process. To get started on a loan, just fill out our 30-second request form. We’ll get back to you right away so you can start working on a loan right away. From VA refinance options to loan origination, we’re here to make the processes easier for veterans.

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