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Criteria to Obtain a VA Loan

By: Grant Moon 03/21/12 07:30 am

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Any veteran applying for home loans requires an Eligibility Certificate issued by the United States Department of Veteran Affairs. Veterans falling under any of the below mentioned categories can apply for this certificate. The categories are:

1. War Time Services:

– World War II : 9/16/1940 to 7/25/1947
– Korean War :   6/27/1950 to 1/31/1955
– Vietnam War : 8/5/1964 to 5/7/1975

For any of the above mentioned wars, the veteran should have been on active duty for a minimum of 90 days and discharged honorably. If the veteran served, for less than the stipulated period, he should have been discharged on account of war related disabilities.

2. Peace Time Services:

– 7/26/1947 to 6/26/1950
– 2/1/1955 to 8/4/1964
– 5/8/1975 to 9/7/1980(enlisted veterans)
– 5/8/1975 to 10/16/1981(officer veterans)

For any of the above mentioned dates, a veteran, should have been on continuous active duty for a minimum of 181 days and been discharged honorably.

A lesser period of service, should be due to any disability during the period of service.

3. Services after 9/7/1980(Enlisted veterans) or 10/16/1981(officers):

Veterans in service after the above mentioned dates should have:

– Completed 24 months of continuous active duty or duly completed the period he’s required to serve, which should not be less than 181 days. Or,
– Completed 181 days of active duty and been discharged under the authority of 10USC1173 (Hardship), or 10USC1171 (Early Out). Or,
– Been discharged with less than 181 days of service due to service related disability, or involuntary reduction in force, or due to government inconvenience.

4. Gulf War Services

– Completed 24 months of continuous active duty and been discharged honorably. Or,
– Completed 90 days and discharged under authority of 10USC1173 (Hardship) or USC1173 (Early Out), or released from duty on compensation for service related disability. Or,
-Veterans discharged from duty 90 days before the stipulated period on account of service related disability, or involuntary reduction in force, or valid medical conditions, or government inconvenience.

5. Spouses of Veterans:  Can apply if,

1. The Veteran has died while in service and the spouse has not remarried.
2. Or,The veteran is missing or is a prisoner of war.

With the Eligibility Certificate, a home loan for your dream home can be very easy to obtain at competitive interest rates. Would like to verify your eligibility for a VA Loan? Click here.

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