VA mortgages offer some major advantages over conventional home loans, including no down payment required on most loans. VA mortgage rates today are one of the best deals around, often lower than rates on conventional loans by a quarter percentage point or more. Credit requirements are flexible as well. So they're an attractive option for borrowers with a military background or connection.
VA mortgages are available to U.S. military veterans and to those currently serving who have completed certain service requirements. Others with a U.S. military connection may be eligible as well, including surviving spouses of veterans who died of service-related causes and employees of selected government agencies. Former service members with a dishonorable discharge are not eligible.
You may be eligible for a VA Home Loan if you meet one or more of the following conditions:
To be eligible for a VA Loan, veterans, active duty service members, National Guard members and reservists must meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.
It's ultimately up to the VA to determine eligibility for the home loan program, but prospective borrowers can get a good idea by looking at the VA's basic eligibility guidelines.
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.
You have served 90 consecutive days of active service during wartime,
You have served 181 days of active service during peacetime,
IF YOU ARE A US VETERAN AND INTERESTED FOR THE VA LOAN APPLY AND PREQUALIFY TODAY!