VA loans are a great option for eligible service members, surviving spouses, and military Veterans. They usually have great rates and low fees. Also, qualifying borrowers do not have to make a down payment.
If you have recently enrolled in the military, you may be wondering if you are eligible for a VA home loan. Can time spent in basic training help you qualify? Let’s find out!
VA Home Loan Eligibility: Minimum Service Length Requirements
VA home loans are made available to active duty service members, Veterans, and surviving spouses. As a Veteran or active duty service member, you must have served in the military for a certain amount of time to qualify. This is commonly referred to as the “minimum service length requirement.”
National Guard and Reserves Members
Individuals serving in the Reserves or National Guard must have served for six years. One must meet this requirement before submitting a VA loan application.
Active Duty
If you are currently active duty military, you must have served for at least 24 continuous months before applying for a VA loan.
Retired Veterans
Service length requirements for Veterans are a little more complicated. They largely depend on the time period, or during which war you served. Your discharge status can also play a role in affecting your eligibility. For more information, you can visit the VA website or reach out to a member of our team.
More about VA Loan Benefits
VA home loans have many benefits such as:
- The Veterans Administration restricts the loan closing costs, which can save you money
- You can obtain a home loan with zero down
- VA home loans usually have good interest rates
What If I Don’t Meet the Minimum Service Length Requirements?
If you don’t meet the minimum service length requirements, but were discharged for one of the following reasons, you may still be eligible for a VA home loan:
- Hardship
- The convenience of the government (so long as you have served at least 20 months of a 2-year enlistment)
- Early out (so long as you have served 21 months of a 2-year enlistment)
- Reduction in force
- Specific medical conditions
- Service-related disability
Want to Know More About VA Home Loans?
If you’re looking for more information on VA home loans or your eligibility status, please do not hesitate to contact us. We will be happy to discuss your concerns and answer any questions you may have.
