Eligibility Requirements for VA Home Loans
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The VA home loan provides an opportunity for veterans to acquire mortgages at affordable rates even if they don’t have the best credit. If you’re interested in a VA home loan and think you may qualify, here are the general eligibility requirements for VA home loans.
Before 1980Eligibility For Honorably Discharged War VeteransIf you served in World War II, Korea or Vietnam, you are eligible for a VA home loan. This service requires at least 90 days of active duty barring a service related disability and includes the periods between 9/16/1940 and 7/25/1947, 6/27/1950 and 1/31/1955 and 8/5/1964 and 5/7/1975.
Eligibility For Honorably Discharged Peacetime VeteransThose who served in the intervening periods between World War II and the Korean War or the Korean War and Vietnam are eligible for VA home loans, as well as enlisted personnel who served between the end of the Vietnam War and 9/7/1980 and officers who served between the end of Vietnam and 10/16/1981. Eligibility requires at least 181 days of active duty barring service related disability.
After 1980Those who served from 9/7/1980 (enlisted) and 10/16/1981 (officers) to the period beginning the First Gulf War (8/2/1990) are eligible for a VA loan if they were honorably discharged after 24 months of continuous active duty or the length of their required tour or if they served at least 181 days with a hardship or early out discharge or if they were discharged due to involuntary force reduction, service related disability or medical condition.
Eligibility For Gulf War VeteransThose veterans who served in the Gulf War are eligible for a VA loan if they completed 24 months of continuous active service or their full tour of not less than 90 days. They may have received a hardship or early out discharge after 90 days and still be eligible. If they were discharged in fewer than 90 days due to involuntary force reduction, service related disability or medical condition they are still eligible.
Other EligibilityOther military-related personnel who may be eligible for a VA loan include currently active servicemembers with 181 days or more of service, reservists and guardsmen with six years of service and spouses of veterans who died in the service or are MIA or POWs.
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