VA      

Overview:
VA Loans are designed to make housing affordable for veterans.   The program is administered by the U.S.  Department of Veterans Affairs.  

All VA loans are fixed rate loans, and since the program is government insured the rates are very competitive.  The primary benefit of the program is the no down payment feature for eligible buyers.  If you have ever served in the military or reserve you may be eligible.  See the chart for eligibility criteria.


Is It For You?
If you are a Veteran this is probably the deal for you.  The no down payment feature and flexible underwriting guidelines combine to make this a very appealing loan.   Be sure to consider this program if you are eligible.

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VA
Construction - Permanent
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Eligibility Chart

 

Era Dates Length of Service
WW II 09/16/40 - 07/25/47 90 days
Peacetime 07/26/47 - 06/26/50 181 continuous days
Korea 06/27/50 - 01/31/55 90 days
Post Korea 02/01/55 - 08/04/64 181 days
Vietnam 08/05/64 - 05/07/75 90 days
Post Vietnam 05/08/75 - 09/07/80 181 days
Peacetime Enlisted 09/08/80 - 08/01/90

Officers 10/17/81 - 08/01/90

 2 years

2 years
Persian Gulf 08/02/90 - undetermined 2 years, or the period called to active duty, not less than 90 days
Reserves or National guard Members of the Reserves or National Guard who are not otherwise eligible for loan benefits will become eligible upon completion of 6 years of service in the Selected Reserve.  The individual must have been honorably released from service in the Selected Reserve, unless he or she continues serving in the Selected Reserve.  The Selected Reserve includes the reserve components of the Armed Forces, the Army National Guard, and the Air National Guard.  Eligibility for these individuals will Expire on October 28, 1999.