818 Mortgage Home Loan Specialist - Veteran Loan VA Home Loan

Veteran Loans / VA Home Loan / Veteran Mortgage

📞 Call 818 Mortgage ☎️

Veteran Loans & VA Home Loan

Veteran Loans & VA Home Loan

Veterans have earned their rewards for their service to our country.

One perk of service is access to some of the best mortgage financing.

VA loans are backed by the Department of Veterans Affairs.

These loans are available to active-duty members and veterans of the U.S. military and their surviving spouses.

U.S. Public Health Service officers and Department of Defense (DOD) officers can also get a VA mortgage loan.

VA mortgage loans are more forgiving in terms of credit qualifications. 

The VA and mortgage lenders who specialize in VA loans, understand the challenges that military families often face with deployment and post-deployment. Occasional credit lapses are forgiven in many cases.

Most veterans must complete a minimum term of qualifying active-duty service to be eligible for a VA loan, though this requirement does have a few exceptions.

From August 2, 1990, to Now: 24 months of continuous service or a full period of at least 90 days during which they were called or ordered to active duty.

September 8, 1980 – August 1, 1990: 24 months of continuous service or a full period of at least 181 days of active duty. The beginning date that applies to officers for this requirement is October 17, 1981.

May 8, 1975 – September 7, 1980: 181 continuous days of active duty. The ending date that applies to officers for this requirement is October 16, 1981.

August 5, 1964 – May 7, 1975: 90 days of active duty. The beginning date that applies to veterans who served in the Republic of Vietnam for this requirement is February 28, 1961.

February 1, 1955 – August 4, 1964: 181 continuous days of active duty.

June 27, 1950 – January 31, 1955: Veterans who served from June 27, 1950, through January 31, 1955, must have completed 90 days of active duty.

Some Exceptions (but not all): Veterans who were discharged due to hardship, government convenience, reduction-in-force, certain medical conditions, or a disability connected to military service can be eligible for a VA loan even if they don’t meet the minimum term of service requirement.

FYI: Veterans who were dishonorably discharged are usually not eligible for the VA home loan program although some exceptions may apply.

Eligibility For Those Who Didn’t Serve Active Duty: the VA home loan program is available to non-veterans, too. This eligibility class includes certain active military borrowers, their families, and others.

Military Spouses: Some military spouses can be eligible for a VA loan, too. If the service-person to whom the spouse is married is alive, the spouse can be eligible if the service person has been officially declared missing in action (MIA) or a prisoner of war (POW) for at least 90 days. This eligibility is limited to one-time use.

If the service-person to whom the spouse was married has died, the surviving spouse can be eligible if he or she hasn’t remarried and other requirements are met.

Our National Guard and Reservists

Members of the National Guard and Reserves can be eligible for VA loans if they have completed six years of service in the Selected Reserve or National Guard.

Those who continue to serve in the Selected Reserve or were honorably discharged, placed on the retired list, or transferred after honorable service to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve, may also be eligible.

Other People Eligible for VA Loans

Individuals who have completed service with certain federal government organizations also can be eligible for VA loans.

Examples include cadets at the U.S. Military, Air Force or Coast Guard Academy, midshipmen at the U.S. Naval Academy, World War II merchant seamen, U.S. Public Health Service officers, and National Oceanic & Atmospheric Administration officers.

The bottom line is, if you served – in one of many capacities – you could be eligible for VA financing. VA home loans are one of the best mortgage financing options available.

If you think you might qualify you should absolutely check with your mortgage lender to make sure you don’t miss out on one of the most affordable mortgage products on the market.

Now you’re ready to start shopping for home loans, apply for a mortgage with 818 Mortgage TODAY!