What Is a VA Guaranteed Home Loan?
A VA guaranteed home loanword can be used to :
- buy a home, a manufactured home, or a condominium
- buy a lot for a manufactured home
- build, repair, or improve a home (including energy efficient improvements)
- refinance an existing loan
A VA guaranteed family loanword offers a issue of safeguards and advantages over a not VA undertake lend. For example, the interest rate is competitive with conventional rates with little or no gloomy requital required. A VA guaranteed home lend is made by private lenders, such as banks, savings and lend associations, and mortgage companies. As with any loan, you must apply immediately to the lender. Your real estate agent can assist you in finding a lender .
When the loan is approved, VA will guarantee contribution of it. The sum of VA ‘s guarantee normally depends on the size of the loan. This guarantee protects the lender against loss up to the sum guaranteed by VA. The largest guarantee that VA can give is an amount peer to 25 % of the Freddie Mac conforming loanword terminus ad quem for single-family residences. These limits are subject to change each year .
Who Is Eligible for a VA Guaranteed Home Loan?
Note : Applications involving other than estimable discharges will normally require further development by VA. This is necessary to determine if the service was under other than dishonest conditions.
Military Service Requirements for VA Loan Eligibility:
Wartime – Service During:
- WWII: 9/16/1940 to 7/25/1947
- Korean: 6/27/1950 to 1/31/1955
- Vietnam: 8/5/1964 to 5/7/1975
You must have at least 90 days on active duty and been discharged under other than dishonest conditions to qualify for a VA guaranteed family loanword. If you served less than 90 days, you may be eligible if discharged for a service connected disability .
Peacetime – Service during periods:
- 7/26/1947 to 6/26/1950
- 2/1/1955 to 8/4/1964
- 5/8/1975 to 9/7/1980 (Enlisted)
- 5/8/1975 to 10/16/1981 (Officer)
You must have served at least 181 days of continuous active duty and been discharged under early than dishonest conditions. If you served less than 181 days, you may be eligible for a VA guaranteed home loanword if discharged for a service connected disability .
Service after 9/7/1980 (enlisted) or 10/16/1981 (officer)
If you were separated from service which began after these dates, you must have :
- Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or
- Completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early Out), or have been determined to have a compensable service-connected disability;
- Been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or,
- in some instances for the convenience of the Government.
Gulf War – Service during period 8/2/1990 to date yet to be determined
If you served on active voice duty during the Gulf War, you must have :
- Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
- Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
- Been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or,
- in some instances, for the convenience of the Government.
Active Duty Service Personnel
If you are now on regular duty ( not active voice duty for training ), you are eligible after having served 181 days ( 90 days during the Gulf War ) unless discharged or separated from a previous qualifying menstruation of active voice duty service .
Selected Reserves or National Guard
If you are not otherwise eligible and you have completed a sum of 6 years in the Selected Reserves or National Guard ( penis of an active unit, attended required weekend drills and 2-week active duty for aim ) and
- Were discharged with an honorable discharge, 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 service, or
- Continue to serve in the Selected Reserves
Individuals who completed less than 6 years may be eligible if discharged for a service-connected disability .
You May also be determined eligible if you:
- Are an unremarried spouse of a veteran who died while in service or from a service connected disability, or
- Are a spouse of a serviceperson missing in action or a prisoner of war
Note: besides, a surviving spouse who remarries on or after attaining old age 57, and on or after December 16, 2003, may be eligible for the home plate lend benefit. however, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no late than December 15, 2004, to establish VA guaranteed home plate loanword eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004 .
Eligibility may also be established for:
- Certain United States citizens who served in the armed forces of a government allied with the United States in WW II.
- Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.
Note: There are certain other groups of individuals who may be eligible.
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What Documents Do I Need to Provide the Lender To Receive a VA Guaranteed Home Loan?
The lender will need a Certificate of Eligibility to prove that you are eligible for a VA guaranteed home loanword. Certificates are issued by VA ’ s Loan Eligibility Center in Winston-Salem, North Carolina to eligible persons who apply for the certificate. The Eligibility Center can be reached by calling toll-free 1-888-244-6711. Often times, your lender may be able to access VA ’ mho secure web site and obtain a certificate for you .
How Can You Apply?
We powerfully recommend that you enlist the services of a Veteran Service Officer before you submit your lotion for a VA guaranteed dwelling loan. They will review your application, helping ensure it has all the information the VA requires. If you do not have a VSO however, the NVF will help you find one. Simply call us at 888-777-4443 .
You can apply for a VA guaranteed home loanword by requesting your lender to obtain a certificate for you through VA ’ south secure web site OR by completing one of the adopt forms and submitting it to the Loan Eligibility Center in Winston-Salem, North Carolina :
- Veteran/Servicemember: VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits
- Surviving Spouse: VA Form 26-1817, Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouse