By Michael L. Baker, Sr. Mortgage Loan Officer
There are many Veteran Benefits to take advantage of. One of the most important benefits to home ownership, however, for a Veteran (or Active Duty Personnel) is the VA Home Loan Benefit. This benefit allows a Veteran or Active Duty Personnel to purchase a home with $0 down up to $417,000. In fact in many counties the VA loan limits go much higher, or with a small down payment you are allowed to go over the base $417,000 loan limit, but that is for another blog post, another day. The point here is that the VA Loan Benefit is something that all Veterans and Active Duty Personnel should at least do some research on and find more about whether using your VA Eligibility would be a good fit for you or not.
A question that comes up to me over and over again when working with Veterans and VA loans is “Am I even eligible for a VA Loan?” The first place to start is with the VA’s general requirements for VA Eligibility:
Eligibility Requirements for VA Home Loans
|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 continuous 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||
|Gulf War||8/2/1990 – Present||
|Currently On Active Duty||Any||Any||90 continuous days|
|National Guard & Reserve Member||Gulf War||8/2/1990 – Present||90 days of active service|
Well now that is a mouthful. Let’s break this down a bit more simply:
You may be eligible for a VA Loan if…
You have served 90 consecutive days of active duty service during wartime.
You have served 181 days of active service during peacetime.
You have more than 6 years of service in the National Guard or Reserves.
You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
Certificate of Eligibility
Ultimately the best way to find out if you have VA Eligibility to purchase a home is by getting your Certificate of Eligibility (COE) from the VA. Me and my company can help you obtain this COE. Many times it can be very simply obtained online through the VA Web Portal, which we have access to as a VA lender. However, from time to time we will need some additional documentation from you, usually in the form of your DD-214. However, when it comes to those in the National Guard or Reserves we will usually need a bit more extensive paperwork like your NGB-22 and/or your Points Statement Summary. If you aren’t sure what you need or where to start please call/email or text me and I will get things started for you.
As a Veteran or current Active Duty Personnel you have earned the right to these Veteran Benefits. I have found over my almost decade in the mortgage industry that the VA loan is one of the very best loans on the planet for those that are eligible. Along with having low/no down payment requirements the VA guidelines are also the most forgiving when it comes to credit issues, people who carry higher monthly debts and people with lower credit scores. There are many more advantages to using your VA benefit to purchase a home, but the first place to get started is to find out if you are even eligible. Get started today with the process to get on the path to home ownership. Call/Text me today at 913-735-5363 to find out if you are VA Eligible to purchase a home!