VA Loan Eligibility

VA Loan Eligibility

VA Loan Eligibility Requirements

Congress established the VA Loan Guaranty Program in 1944 to assist returning war veterans in home ownership. Since that time, the program continues to thrive. There are several ways to determine VA loan eligibility. Requirements are different for different types of service performed, but unless still on active duty, every applicant must possess a discharge other than dishonorable. A service-connected discharge or a discharge due to automatic force reduction, certain medical discharges, and a discharge for the convenience of the government usually qualify for VA home loan eligibility if the other mandated requirements are met.

In the case of wartime service, the applicant must have served for 90 continuous days and hold a qualifying discharge. Active duty includes World War 2, Korea and Vietnam. VA home loan eligibility during peacetime requires 181 days of constant function and a qualifying discharge. The ability for persons serving in the military after 9/7/80 for enlisted, and 10/16/80 for officers, must have helped for 181 days or 24 months of continuous duty. Active service for the Gulf war must be 24 months of continuous service, or the full period of at least 90 days, for the active duty ordered.

People that served in the Selected Reserves or National Guard needs six years of service with an honorable discharge, placed on a retirement list, or transferred to Stand By or Ready Reserves. The surviving spouse of a veteran who died in service, or was disabled, missing in action or a prisoner of war who remarries after age 57 and after 12/16/03 may be eligible for a loan. A United States Citizen that served under an allied government of the United States may qualify.