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VA Loan Information
WHO IS ELIGIBLE FOR A VA LOAN?
Veterans who served on active duty and were discharged under conditions other
than dishonorable, during World War II and later periods are eligible for VA
loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean
conflict (June 27, 1950 to January 31, 1955), and Vietnam era
(August 5, 1964 to May 7, 1975) veterans must have at least 90
days' service. Veterans with service only during peacetime periods and
active duty military personnel must have had more than 180 days' active
service. Veterans of enlisted service which began after September 7, 1980,
or officers with service beginning after October 16, 1981, must in most cases
have served at least 2 years.
Persian Gulf Conflict. Basically, reservists and National Guard members who
were activated on or after August 2, 1990, served at least 90 days and were
discharged honorably are eligible. VA regional office personnel may assist
with eligibility questions.
Members of the Selected Reserve, including National Guard, who are not otherwise
eligible and who have completed 6 years of service and have been honorably
discharged or have completed 6 years of service and are still serving may
be eligible. The expanded eligibility for Reserves and National Guard
individuals will expire September 30, 2003. Contact the local VA office
to find out what is needed to establish eligibility. Reservists will pay
a slightly higher funding fee than regular veterans. (See paragraph entitled
"Costs of Obtaining a VA Loan").
FREQUENTLY ASKED QUESTION # 25 [ -more VA Loan questions- ]
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Q: Co-signers on VA Loans / Can I bring on a co-signer on my VA home loan?
A: It's true that the legally married spouse of a military member or veteran can co-sign a VA loan. There is no "penalty" for doing so, the veteran loan is still fully guaranteed by the VA. Two unmarried military members are also able to co-sign on a VA loan with the same results. When a military member or veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception. The VA guarantee is limited to the amount of the veteran's interest in the property. Some companies won't allow these types of "mixed" loans, so you may have a bit of shopping around to do before finding a lender willing to work with you. If you find yourself in this position, give yourself plenty of extra time to hunt for the right lender.
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not a government agency.
Remember, the VA does not make home loans. They insure the loans that we can assist you in getting.
Let us help you get a VA insured mortgage loan at the lowest possible rates.
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