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You already know that one of the benefits of military service (in addition to the gratitude of your fellow citizens) is the VA Home Loan program. The VA loan provides an opportunity for qualified veterans to buy a home with some unique advantages:
What you may not know is how long you must have served in order to qualify for this exceptional mortgage program. Here is the straight story, directly from the Veterans Administration.
In general, if you served during any active conflict (World War II, Korean War, Vietnam War), you must have served for at least 90 days as an active duty service member. The time does NOT have to be concurrent.
For the post-conflict times, you must serve 181 CONTINUOUS days. The periods are as follows:
For those who served during the Gulf War (8/2/1990-present), the requirement is for 24 continuous months OR the full period for which you were called to active duty, but at least 90 days.
If you are presently on active duty, you are eligible for a VA loan once you have served at least 90 days of active duty.
For members of the National Guard and Reserves, you must have 90 days of active service if you served during the Gulf War period (8/2/1990-present). National Guard and Reserve members also qualify with 6 years’ service if they
Widows of deceased veterans may also qualify for VA financing under these conditions:
A surviving spouse can remarry and still qualify provided that they are 57 years of age or older, on or after December 16, 2003.
There are some other eligible veterans:
If you don’t meet one of these criteria, you are not eligible to apply for a VA loan yourself, but you may assume a VA loan from a veteran under certain special circumstances.
There is a catch, though. The original veteran’s entitlement will be tied up with that loan until it is paid off. This will reduce the amount of loan guarantee available for reuse. The entitlement will be restored to the veteran under the following conditions:
You can determine your eligibility by submitting VA form 26-1880. The simplest and quickest way to do this is to contact us to ask a loan officer to do it for you. There is no charge for this service, and if you like, you can begin the loan application process following your verification.
Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.