If you were honorably discharged after serving active duty in World War II, the Korean war, or Vietnam for 90 days or more you are eligible for a VA home loan. If you served during peace time, more than 180 days of active service is required to qualify for a VA loan.. Veterans who served after 1980 will most likely need 2 years of service to qualify, except for those who served in the Persian Gulf Conflict, in which case veterans from the National Guard and the Reserves activated after August 2, 1990 will need to have served at least 90 days. If you are still serving in the Selected reserve and have done so for six years, you may be eligible.
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VA home loans are just like regular home loans, except there are a couple of extra steps required, but if those extra steps help you find a lower rate with no down payment, it is well worth it.. A VA home loan is insured by the Veterans Administration but is funded by a private lender. Many lenders are already approved by the VA for automatic processing, making this process even less complicated. Also, a lender approved by the VA would be able to use the VAs appraisal to close the loan, which could make the loan process shorter.
If you are an eligible Veteran, fill out our free short form and contact a lender about your VA home loan.
If you are interest in buying a home and at one time served in the military, a VA home loan could get you the best possible rates with little to no down payment. Apply online today to contact up to four lenders about your VA home loan.