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VA Home Loans

Who are VA Home Loans For?

A VA home loan is provided by a participating lender and is guaranteed by the U.S. Department of Veterans Affairs (the VA). This government guarantee enables lenders to provide more favorable terms on a home loan or refinancing loan for military veterans. Applicants for VA loans do not need to be first-time buyers, and these VA benefits can be used more than once.

What are the benefits of a VA loan?

The VA offers different programs to suit different needs. In general they provide highly competitive interest rates, and often no down payment is required, nor is private mortgage insurance (PMI). Programs are also available for refinancing and accessing home equity.

Other Benefits

  • Up to 100% financing with no mortgage insurance
  • With VA Streamline Refinance Loans no appraisal is required
  • Limited closing costs and/or closing costs may be paid by the seller
  • No penalties for early payoff of the loan
  • Potential assistance in the event you are unable to make loan payments
  • Surviving spouses of deceased veterans may be eligible as well. Please contact us for details.

Am I Eligible?

In order to be considered eligible, you must occupy the home in question and have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To get a COE, you cannot have been discharged dishonorably and must meet certain service requirements. Per the VA’s website:

Veteran WWII 9/16/1940 – 7/25/1947 90 total days
Post-WWII 7/26/1947 – 6/26/1950 181 continuous days
Korean War 6/27/1950 – 1/31/1955 90 total days
Post-Korean War 2/1/1955 – 8/4/1964 181 consecutive days
Vietnam War 8/5/1964 – 5/7/1975 For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961. 90 total days
Post-Vietnam War 5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981. 181 continuous days
24-month rule 9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981. – 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty
Gulf War 8/2/1990 – Present – 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty Any Any 90 continuous days
National Guard and Reserve Member Gulf War 8/2/1990 – Present 90 days of active service
  • Six years of service in the Selected Reserve or National Guard AND
  • Were discharged honorably OR
  • Were placed on the retired list OR
  • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable OR
  • Continue to serve in the Selected Reserve