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Many prospective homeowners wonder if they are eligible to receive a VA Loan and take advantage of all that this type of loan has to offer. There are certain requirements that need to be met before potential homeowners can apply for a VA loan but first, you must understand what a VA home loan is, how it works and if you are eligible to receive one.

What is a VA Home Loan?

A VA Home Loan is a home mortgage loan that has been designed to offer long-term financing to eligible American veterans and is guaranteed by the U.S. Department of Veterans Affairs (VA). The VA has several programs to assist veterans in their home buying financial situation and if a veteran is eligible, there are a plethora of home buying possibilities.

How does a VA Home Loan Work?

A VA Home Loan works for a veteran in several ways. First and foremost, a VA Home Loan is unique in that is does not require a down-payment on a home, the loan instead will cover all costs on the home purchase. Also, unlike other loans, the VA does not require a homeowner to hold home mortgage insurance, and VA loans offer more flexibility on credit.

Are you Eligible for a VA Loan?

Eligibility for a VA loan can be given to two different types of veterans and two types of veteran spouses.

  1. The first is for veterans who have served for a minimum of 90 consecutive days during wartime or those who have served for 181 uninterrupted days during peacetime. For Reserve veterans to receive a VA home loan, they must have been a part of one of the reserve branches including the Army National Guard, the Air National Guard, the Army Reserve, The Navy Reserve, the Air Force Reserve, the Coast Guard Reserve and the Marine Corps Reserve for at least six years.  The six years can be non- successive and served in different branches, but six years must be completed for Reserve veterans to qualify for a VA home loan.
  1. The second eligibility type are those who are widowed spouses of a veteran who has died in active duty or due to service connected disability.  A servicing spouse of a totally disabled veteran whose disability may not have been the cause of death may also qualify.  These spouses can take advantage of a VA home loan to have a home for their family; however, they are only eligible for a VA home loan if they have not remarried or have remarried after age 57, and on or after December 16, 2003.
  1. The third eligibility falls to those who are the spouse of someone who has been MIA for over 90 days while in service or those with a spouse who has been taken as a prisoner of war for over 90 days.
  1. The last type of veteran that is eligible for a VA home loan is one who served during World War II with an allied country and now has taken residence in the United States.

VA Home Loans

A VA home loan  can be a great option for a veteran who wishes to secure a home within the United States.  Now that you know what a VA home loan is, how it works and the eligibility standards, will you get a VA home loan?

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