Are You Eligible for a VA Loan?
The first step in obtaining a VA loan is to determine whether you are eligible. There are certain requirements you must meet before applying for a VA loan. The Veterans Administration has many great programs to offer veterans for buying a home, but only if you are eligible.
If you served during wartime (as defined by the VA) for at least 90 consecutive days or during peacetime for at least 181 consecutive days, you are eligible for the VA Home Loan Program. If you are currently on active duty after 90 days of active service you are eligible for the program. Reservists are also eligible as long as you have served for at least six years, which can be non-consecutive and in different branches of the reserves. The Reserve branches that are eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps Reserve, and Air Force Reserve.
Get Started With Your VA Loan Request
Take the first step toward your VA loan by getting in touch with a VA specialist.
- Spouses of deceased veterans who died as a result of their active service, or a service related injury, are eligible as long as they are not remarried.
- Spouses of missing in action or prisoners of war that are members of the U.S. Armed Forces and have been missing for over 90 days.
- U.S. citizens who served with an allied country during WWII may be eligible.
Veterans who are eligible for the VA Home Loan Program have an entitlement, which means they are owed something. The maximum entitlement is currently $36,000, but this can be raised up to $60,000 for loans that exceed $144,000. This is NOT the maximum loan amount (which was recently raised to $417,000), but the amount of your loan that the VA guarantees to the bank. By guaranteeing your loan to the bank, the VA alleviates your mortgage insurance expenses -- this entitlement can save you a lot of money. The entitlement never expires.
See a related article: VA Loan Occupancy Requirements
Compare VA Loans to Conventional Financing
If you meet eligibility requirements, the VA Home Loan Program can offer you a great way to buy a home that will save you a lot of money now and in the future. For more information on eligibility requirements for the VA Home Loan Program go to the Veterans Administration website at Loan eligibility info. If you are ready to begin the process of applying for a VA Loan, contact us at the VA Mortgage Center.com by filling out the prequalify form or call one of our VA specialists at 800-405-6682.
VA LOAN SPECIALISTS
We are the online VA loan specialists. It is our goal to ensure that your VA home loan process goes as smoothly as possible. Let us help you get the process started today online, or call us at 800-405-6682.
HAVE A QUESTION?
If you need advice concerning Veteran Home Loans, feel free to contact a VA mortgage specialist online or call 800-405-6682. Specialists can help determine whether a Veteran Home Loan is the best financial decision for you.
