Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment, and we guarantee to your lender that if you default on a loan that’s over $144,000, we’ll pay them up to 25% of the loan amount. You have full entitlement if you meet any of these requirements. At least one of these must be true:
You’ve never used your home loan benefit, or
You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid us in full
Note: You may have heard the terms additional entitlement, bonus entitlement, or tier 2 entitlement. We use these terms when we communicate with lenders about VA-backed loans over $144,000. You won’t need to use these terms when applying for a loan.
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From the VA website:
You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries. VA home loans can be used to:
Buy a home, a condominium unit in a VA-approved project
Build a home
Simultaneously purchase and improve a home
Improve a home by installing energy-related features or making energy efficient improvements
Buy a manufactured home and/or lot
To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate
To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home
To qualify for a Certificate of Eligibility you need to meet certain requirements. Click here to learn more directly from the VA.
Dates of Service for Eligibility:
Service during Wartime:
World War II - September 16, 1940 - July 25, 1947
Korean War - June 27, 1950 - January 31, 1955
Vietnam War - August 5, 1964 - May 7, 1975
Service Requirements:
At least 90 days active duty - with other than dishonorable discharge
Less than 90 days active duty - if discharged for a service-connected disability
Gulf War - August 2, 1990 - to be determined
Service Requirements:
24 months continuous active-duty - with other than dishonorable discharge
At least 90 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
At least 90 days active duty - and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability
Less than 90 days active duty - if discharged for a service-connected disability
Service during Peacetime:
All - July 26, 1947 - June 26, 1950 and February 1, 1955 - August 4, 1964
Enlisted - May 8, 1975 - September 7, 1980
Officers - May 8, 1975 - October 16, 1981
Service Requirements:
At least 181* days continuous active duty - with other than dishonorable discharge
Less than 181 days active duty - if discharged for a service-connected disability
Enlisted - September 7, 1980 - August 1, 1990
Officers - October 17, 1981 - August 1, 1990
Service Requirements:
You meet the minimum active-duty service requirement if you served for:
At least 24 continuous months, or
The full period (at least 181 days) for which you were called to active duty, or
At least 181 days if you were discharged for a hardship, or a reduction in force, or
Less than 181 days if you were discharged for a service-connected disability
Between August 2, 1990 and the present
Service Requirements:
You meet the minimum active-duty service requirement if you served for:
At least 24 continuous months, or
The full period (at least 181 days) for which you were called to active duty, or
At least 181 days if you were discharged for a hardship, or a reduction in force, or
Less than 181 days if you were discharged for a service-connected disability
For more details about eligibility including spousal exceptions and disabilities, click here.
There are several unique things that make a Veteran's Home Loan different and worth pursuing:
No Down Payment: This may be the most valuable benefit in any subsidized loan program. Conventional and even FHA loans require money down. Even a 3.5 percent down payment on a $300,000 house would equal $10,500. Relaxed Requirements: Compared to a conventional loan, a VA loan’s credit requirements, which we discussed above, let more applicants through the door. No PMI: Most loans, including FHA loans, require borrowers to pay private mortgage insurance which protects the lender if you default. With VA backing, a borrower doesn’t need to pay PMI premiums. Flexible Payback: Unlike most mortgages, a VA loan allows the borrower to pay back the loan in a variety of ways including a graduated structure which has lower payments at the beginning of the term. Lower Interest Rates: With so many variables we can’t quote reliable interest rates here, but VA loans typically offer rates lower than conventional loans and FHA loans. A lower rate can save you thousands of dollars over the life of a 30-year fixed rate mortgage.