Are You Eligible For VA Home Loans?

A VA loan is a special type of home loan that is made available to veterans of the United States Armed Forces. The VA does not loan money. Rather, a portion of the loan is guaranteed by the Veteran's Administration. This means that the lenders are protected in case the borrower defaults. Originally established in the year 1944, the VA home loan program allows qualified veterans to obtain home financing without having to pay a down payment.

The amount of the loan that is guaranteed by the Veterans Administration is known as the entitlement. The maximum entitlement for loans is $36,000. The amount of entitlement determines the maximum amount of the loan you can obtain. As an example, with $36,000 entitlement, the maximum loan amount would be $417,000. This figure will be determined by the bank or mortgage company that is assisting you with obtaining your VA home loan.

Who Qualifies for VA Mortgage Loans?

The list below provides a quick reference to some of the criteria for eligibility. This list is not exhaustive. Only the VA can authoritatively determine a Veteran's eligibility for home loan benefits

If you served during WWII between 9/16/40 ---7/25/47 you are required to have had 90 DAYS of service.

If you served POST WWII between 7/26/47 ---6/26/50 you are required to have had 181 DAYS of service.

If you served during KOREAN between 6/27/50 ---1/31/55 you are required to have had 90 DAYS of service.

If you served POST KOREAN between 2/01/55 ---8/04/64 you are required to have had 181 DAYS of service.

If you served during VIETNAM between 8/05/64 ---5/07/75 you are required to have had 90 DAYS of service. (Note: The Vietnam Era began 2/28/61 for those individuals who served in the republic of Vietnam)

If you served POST VIETNAM between 5/08/75 ---9/07/80 you are required to have had181 DAYS if Enlisted.

If you served POST VIETNAM between 5/08/75 ---9/07/80 you are required to have had 181 DAYS if an Officer.

If you served POST VIETNAM between 9/08/80 ---8/01/90 you are required to have had 2 YEARS PEACETIME OR 90 DAY WARTIMEIf you served during PERSIAN GULF between 8/02/90 --- PRESENT you are required to have had 90 DAYS DEPLOYED TO WAR ZONE or 2 YEARS

If you are a veteran who served in the Afghanistan and Iraq Wars, check with the Veterans Administration to find out the eligibility guidelines for veterans involved in current service.