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What is a VA Loan?

Military veterans have access to some of the best home loan and refinance programs available in the mortgage market-place. VA home buying requires that the interested individual to learn about various programs that may be available to them. For people that have performed active military service, the government has created some special programs that can ease the process of home ownership. The VA loan is home mortgage programs that are guaranteed by the U.S. Department of Veteran Affairs offered by different lenders to help people that have served their country obtain home ownership. VA home loans are one of the benefits of devoting a portion of your life toward serving the country's national interests. This makes home ownership a reality for many people. Take advantage and get a no cost loan quote from the most experienced VA mortgage lenders online.

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Opportunity to Own a Home through VA Financing

The VA loan program offers a 100% home loan opportunity for those that have completed their active duty in the military forces. The details specify that no money down is needed to secure the financing for the interested individual. The fact that no down-payments are needed will provide additional funding for other aspects associated with obtaining a home. This will mean more money can be used toward closing costs or refurbishing an existing property that is in need of repairs. Taking advantage of this benefit allows many people to achieve the goal of owning their own private residence. VA offers exceptional first time home buying with low rates and flexible underwriting.

Another aspect of the VA loan program is the ability for individuals to achieve refinancing to 100% for veterans of the military divisions. With this added benefit, home owners can renegotiate the terms of the mortgage and use the money for other areas within their life. This can be helpful to obtain a better interest rate or to use the equity in the home for other investment opportunities. If a situation arises that requires the acquisition of funds, the home loans for active military and Veterans can use their current investment until finances improve. This is a special safeguard to help overcome difficult situations.

This federal loan program offers low VA mortgage rates that make home ownership possible. The VA streamline program has become a very popular refinance loan for veterans. Finding affordable housing for the military can be accomplished in a more straight forward fashion. The U.S. Department of Veteran Affairs will help oversee the entire mortgage process to secure the needed funding. The active or retired military official can focus on the other aspects associated with civilian life and remain secure in their own private residence. This is just one small way that the nation expresses their gratitude for the commitment they made to their country. Since 1944, some version of this program helps America's service people realize the dream of owning their own property.

How to Get a VA Loan

Getting approved for a VA loan is easy if you meet the VA loan eligibility. The first step would be to complete a VA loan application with an approved lender, like the VA Home Mortgage Loan Company

Wartime - Service During: You must have at least 90 days on active duty and been discharged under other than dishonorable conditions

  • WWII: 9/16/1940 to 7/25/1947
  • Korean: 6/27/1950 to 1/31/1955
  • Vietnam: 8/5/1964 to 5/7/1975

Peacetime - Service during periods: You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions.

  • 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)

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.

Gulf War - Service during period 8/2/1990 to date yet to be determined

If you served on active 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.

Active Duty Service Personnel

If you are now on regular duty (not active duty for training), you are eligible after having served 181 days unless discharged or separated from a previous qualifying period of active duty service.

Selected Reserves or National Guard

If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) 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

You May also be determined eligible if you:

  • Are an un-remarried 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

Our VA lenders offer 100% mortgages to first time VA home buyers that meet VA loan qualifications. The United States Department of Veterans Affairs offers a VA loan guarantee to veterans of the United States military. Take advantage of the best VA rates online and get approved for a home loan that you can afford.