Eligibility Basics

In 1944, President Franklin D. Roosevelt signed the Servicemen's Readjustment Act, also knows as the GI Bill of Rights.   This bill provided assistance for veterans and their families in realizing the dream of home ownership with federally guaranteed loans with no down payment.

Loans guaranteed by the VA are issued by private lenders such as banks, savings & loans or mortgage companies for primary residences.  To learn more about eligibility requirements please read below.

VA Benefits are available for those serving in the Army, Navy, Air Force, Marine Corps, or Coast Guard.  Eligibility is determined by the type, length, and character of your service. Below are some helpful eligibility guidelines:

Wartime service periods including: 
     ◊ Vietnam - 8/05/64 to 5/07/75
     ◊ Persian Gulf (including Afghanistan & Iraq)– 8/2/90 to current
     ◊ Must complete 90 days or more on Active Duty.

Peacetime service periods including:
     ◊ 5/08/75 to 8/01/90 
     ◊ Must complete 181 days of continuous Active Duty service.

Reservist/National Guard: 
      ◊  Must complete a total of 6 years as a member of the Selected Reserve.  

Unmarried spouse / surviving spouse: 
      ◊ There is no minimum days of completed service.

Spouse of a POW/MIA:
      ◊  Must have been a POW or MIA for over 90 days.

Your discharge must have been anything but dishonorable. If you were discharged as a result of a service related disability, you may be eligible if served less than the above 90 or 181 required time periods mentioned above. Call the VA Home Loan hotline for more information at 1-888-244-6711.

The maximum benefit that VA guarantees to finance is 100% of your new home, with a maximum loan amount of  $417,000.00.  Depending on your down payment amount and county/state in which you are purchasing, loan amounts greater then $417,000 may be allowed. 

You’re entitlement or loan guarantee amount will be shown on your Certificate of Eligibility. Refer to our Frequently Asked Questions to learn more about the Entitlement and the Certificate of Eligibility.

Qualifying Benefits of a VA loan:

◊  No Down Payment 
The most important benefit cited by Veterans who have used this loan is the no down payment benefit.

◊  Flexible credit
Although credit history is considered, it is not the only thing used to determine if you qualify. VA credit guidelines are more flexible.

◊  Lower Payments
As a result of the added benefit of NO monthly mortgage insurance and competitive interest rates Veterans enjoy lower payments.

Below is an example of a 30 year fixed loan for an amount of $200,000. (Note: the monthly payment does not include taxes or insurance.)  Please remember that there are other VA loan types which provide varying interest rate and payment options. 

To begin finding your new home, click here