Am I Eligible for a VA loan?
VA Loan Eligibility requirements state that you have to serve in some form of the military. However, there are instances where veterans that served active duty in our US military are not eligible. There are circumstances where the veteran wasn’t even in the US military and meets the eligibility requirements for a VA loan. Below you will find all the requirements to be Eligible for a VA loan.
Looking Back at VA Loan Eligibility
The VA loan Eligibility program started as one of the most innovative programs to date at the time. It was the most important part of the original Servicemen’s Readjustment Act of 1944. The home loan guaranty program was originally conceived to help in post war readjustments. At that time there were stricter guidelines than today. To be eligible to take use of the loan guaranty benefit, the veteran had to at least serve in the active military or naval forces of the United States for at least a period of 90 days any time on or after September 16, 1940 and before official end of World War II. If he met these requirements, the veteran could then apply for a loan anytime within 2 years after separation from the service or 2 years after the official end of the war, whichever was the later date. However, in the original Act, applications were no longer to be accepted 5 years after the termination of the war. Luckily, today a veteran can use his/her VA eligibility as many times as needed.
VA Eligibility Requirements
Below you will see how the VA eligibility requirement apply today.
You may be eligible to use your benefit if you served in the following wartime conflicts:
1 WWII
2 Korean War
3 Vietnam
4 Persian Gulf
If you did not serve in any of the above conflicts you may still be VA eligible if you meet the following peacetime service date qualifications:
1 (07/26/47 to 06/26/50)
2 (02/01/55 to 08/04/64)
3 (05/08/75 to 09/07/80) *
4 (To 10/16/81) **
* Enlisted Personnel ** Officers
a You must have served at least 181 days of continuous active duty and been discharged with honorable conditions.
b If you served less than 181 days and were discharged due to a service connected disability then you may still be VA eligible.
c Selected Reserves and guard members are VA eligible after 6 years of service unless the member was placed on active duty for one of the above conflicts and served more than 90 days on active duty.
For more information regarding using your VA eligibility or qualifying for a VA loan, speak to a VA Home Loan Specialist today
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