VA Home Loans

VA loans offer exclusive benefits to veterans and service members, making homeownership more attainable.

Who are VA Home Loans for?

A VA home loan is designed to help military veterans, active duty service members, and certain surviving spouses purchase or refinance homes. These loans are offered by participating lenders and guaranteed by the U.S. Department of Veterans Affairs (VA), which helps secure more favorable terms for the borrower. Unlike many other loan programs, VA loans do not require first-time buyers, and the benefits can be used multiple times.

What are the benefits of a VA loan?

VA loans come with several advantages, such as:

Up to 100% Financing: This means no down payment is required.
No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, which helps lower monthly payments.
Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional loans.
No Prepayment Penalties: There are no penalties for paying off the loan early.
Refinancing Options: Programs like the VA Streamline Refinance Loan make it easier to refinance without the need for an appraisal.
Surviving Spouses: Eligible surviving spouses of deceased veterans can also benefit from VA home loans.
Limited Closing Costs: In many cases, the seller may cover some or all closing costs, making the process even more affordable.

Am I Eligible?

To be eligible for a VA loan, you must:

Certificate of Eligibility (COE): You must obtain a valid COE from the VA to prove your eligibility for the loan; as per the VA’s website.
Be a Veteran, Active Duty Service Member, or Surviving Spouse: Eligibility extends to veterans, current service members, and some surviving spouses of deceased veterans.
Meet Service Requirements: These depend on your length of service, discharge status, and whether you were honorably discharged.
Occupy the Home: You must plan to live in the home you are purchasing or refinancing.
Have Sufficient Income and Credit: Lenders will verify your income and credit history to ensure you can manage the loan.

STATUS	QUALIFYING WARTIME & PEACETIME PERIODS	QUALIFYING ACTIVE DUTY DATES	MINIMUM ACTIVE DUTY SERVICE REQUIREMENT
Veteran	WWII	9/16/1940 – 7/25/1947	90 total days
	Post-WWII	7/26/1947 – 6/26/1950	181 continuous days
	Korean War	6/27/1950 – 1/31/1955	90 total days
	Post-Korean War	2/1/1955 – 8/4/1964	181 consecutive days
	Vietnam War	8/5/1964 – 5/7/1975 For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961.	90 total days
	Post-Vietnam War	5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981.	181 continuous days
	24-month rule	9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981.	– 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty
	Gulf War	8/2/1990 – Present	– 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty	Any	Any	90 continuous days
National Guard and Reserve Member	Gulf War	8/2/1990 – Present	90 days of active service
Six years of service in the Selected Reserve or National Guard AND Were discharged honorably 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 OR Continue to serve in the Selected Reserve