You may be eligible for a VA loan by meeting one or more of the following requirements: You have served 90 consecutive days of active service during wartime, OR. You have served 181 days of active service during peacetime, OR. You have 6 years of service in the National Guard or Reserves, OR.
Besides, can active military get a VA loan?
The Department of Veterans Affairs administers the VA loan program. As such, many active duty military members don’t know if they can also use these loans. Yes, active troops can absolutely use the VA loan.
Similarly one may ask, can you get a VA loan after 4 years of service?
VA loan eligibility
You’re eligible to apply for a VA loan if: You are a veteran who meets length-of-service requirements, which generally are 90 days in wartime and 181 days in peacetime. You completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard.
Can you get a VA loan without being a veteran?
Contrary to popular belief, VA loans are available not only to veterans, but also to other classes of military members. The list of eligible VA borrowers includes: Active-duty service members. Members of the National Guard.
Can I get a VA loan with a general discharge? In most cases, veterans with a General (GEN) discharge automatically meet the discharge requirements for a VA loan. … Generally, veterans who served at least 90 consecutive days are eligible if they were discharged for one of the following reasons: Discharged for hardship.
You don’t need a down payment. … With a VA loan, you can buy immediately, rather than years of saving for a down payment. With a VA loan, you also avoid steep mortgage insurance fees. At 5 percent down, private mortgage insurance (PMI) costs $150 per month on a $250,000 home, according to PMI provider MGIC.
If you’re eligible, VA loans are fairly easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
When Can I Use My VA Loan? It’s possible to use your VA loan benefit as soon as you meet the minimum service requirements of 90 consecutive days on active duty during wartime, or 181 days during peacetime, or six years in the National Guard or Reserves.
The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, such as a mortgage company or bank, and guaranteed by the U.S. Department of Veterans Affairs (VA). … Today, the VA mortgage is more important than ever.
Who Qualifies For A VA Loan?
- You’ve served 181 days of active service during peacetime.
- You’ve served 90 consecutive days of active service during wartime.
- You’ve served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.
Since you need to factor in the cost of the VA funding fee, you could ultimately end up with a loan that exceeds the market value of your house. Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term. You cannot use a VA loan for rental properties.