VA loans are probably the most powerful and flexible lending options on the market today in the United States. After being created in 1944, VA loans have helped more than eighteen military personnel to get their own homes and houses successfully. Secured by the Department of Veterans Affairs, VA loans are usually made by private lenders such as banks, companies and other corporations.
Unlike other common loans applicable to all the individuals, VA loans are only accessible to American military personnel. But not all the military people are eligible to apply for VA loans. VA loans have strict limitations on their applicants.
What Kinds of American Military Are Eligible to Get VA loans?
According to VA loans rules, only American veterans and military members are able to apply for VA loans. VA loans limitations on eligible applicants can be seen in the following:
American Veterans – Veterans who want to apply for VA loans must have served at least three months on active duty during these war times:
- World War II – From 9/16/1940 to 7/25/1947
- Korean War – From 6/27/1950 to 1/31/1955
- Vietnam War – From 8/5/1964 to 5/7/1975
Military Personnel – Eligible military personnel for VA loans must have served at least three months during any of the following peace times:
- From 7/26/1947 to 6/26/1950
- From 2/1/1955 to 8/4/1964
- From 5/8/1975 to 9/7/1980 (Enlisted)
- From 5/8/1975 to 10/16/1981 (Officer)
Reservists and National Guard Members – Reservists and National Guard members are allowed to apply for VA loans if they have finished at least six years’ services and meet one of the following requirements:
- They were placed on the retired list
- They had been discharged with an honorable credit
- They had been transferred to the Standby Reserve
- They are now on duty in the Selected Reserves
Surviving Spouses of Military Members – Spouses of military members are eligible to apply for VA loans when they meet one of the following conditions:
- The spouses of veterans who died in services(provided they do not remarry)
- The spouses of services members missing in action
Some Specific Groups of Individuals – Some American citizens and individuals are also allowed to get VA loans on condition that they meet the following terms:
- They have served in the Armed Forces in World War II
- Members of Public Health Service Officers
- Personnel in Coast Guard Academy
- Officers of National Atmospheric Administration
- Individuals who are members in other service organizations
How to Apply for VA Loans?
To successfully get VA loans, the applicants should get Certificates of Eligibility or VA-assigned Appraisals, which are official documents that endow us the qualification to use VA loans. Applicants can get the certificates from ebenefits.va.gov or call 1-888-768-2132 for help.
In order to obtain VA loans, applicants should hand in the following required information:
- Social security numbers.
- A sum of monthly pay.
- Names and addresses of our employers during the past years.
- Fixed residence address for the past two years.
- Detailed information for all our checking and saving accounts.
- Specific information for all other open loans.
- Assessed value for our personal property.
Here are some simple steps to apply for VA loans:
- Find the favorable house you want to buy and then finish a purchase agreement.
- Apply for the VA loan certificate or appraisal from the nearest VA offices.
- Select a good mortgage lender to get the loan. Here we should know that not all the banks and mortgage lenders offer VA loans.
- When our application is approved, we are able to get a new house with $0 down payment now! If the application is refused, ask the banks for reasons or check VA offices for explanations.