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Time Limits and VA Loans

VA Home Loans are a great way for active and retired veterans of the armed forces and reserves to buy a home with no down payment and low interest rates. The question is: how much time do veterans have to use their entitlement in the VA Home Loan Program?

The good news is that there is no specific time limit for using your VA Home Loan Program benefits. As long as you are eligible for the VA Mortgage Loan you can use your entitlement anytime. Military personnel are eligible if they have served for 90 days or more during wartime or 181 consecutive days or more during peace time.

A Reservist's eligibility is different. If you are in the military reserves you are eligible if you have served on active duty for at least 90 days during war time or 6 years as a reservist during peace time. This 6 year eligibility requirement can be an accumulation of on and off service if you have gaps in between your reservist service. The 6 year eligibility requirement does not have to be 6 consecutive years of service.

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The important thing to remember is that even though there is no time limit for the VA Home Loan Program, there is a maximum entitlement. If you have a VA home loan that uses your guaranteed entitlement and you pay the loan back by getting a new loan for refinancing or purchasing a new home, then you can use your entitlement again because you have repaid the guarantee on your VA loan. However, if you transfer the loan to another person by letting them take over payments on your existing VA loan or carry back the mortgage you have that is guaranteed by the VA, then your entitlement is still in use with this loan and you can't get another VA home loan until that loan is paid off.

VA home loan benefits never expire and as long as you use your entitlement in the program responsibly you can continue to get guaranteed home loans and benefit from this program. For more information on the VA Home Loan Program go to their website at go to the government site.

See a related article: VA Loan Program Basics

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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.

Read more about the Veterans Benefit Act of 2004.

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