What makes a VA home loan particularly appealing for many eligible veterans (and their families, when applicable) is that a down payment is not required and they can finance more than 80% of a home’s value or purchase price because mortgage insurance is not required.
There are some drawbacks too, though, and we’ll guide you through all the questions you’ll want to ask before applying for a VA mortgage. If you’ve already done your homework and know that a VA home loan is right for you get VA mortgage quotes from competing VA home loan lenders.
A VA loan is a mortgage loan offered to qualifying military personnel, servicemembers, veterans, and eligible surviving spouses by private lenders, and guaranteed by the U.S. Department of Veteran Affairs, in an effort to help qualifying individuals receive favorable terms on a home loan and become homeowners.
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The eligibility requirements needed to obtain a Certificate of Eligibility are listed below for active-duty service members, veterans, spouses and other eligible beneficiaries:
Qualifying Active Duty Dates: Any
Minimum Active Duty Service Requirements: 90 continuous days
Qualifying Wartime & Peacetime Periods: Any
Qualifying Active Duty Dates: 8/2/1990 – Present
Minimum Active Duty Service Requirements: 90 days of active service
Qualifying Wartime & Peacetime Periods: Gulf War
Qualifying Active Duty Dates: 8/2/1990 – Present
Minimum Active Duty Service Requirements: Six years of service in the Selected Reserve or National Guard
Qualifying Wartime & Peacetime Periods:
Qualifying Active Duty Dates: 9/18/1940 – 7/25/1947
Minimum Active Duty Service Requirements: 90 total days
Qualifying Active Duty Dates: 7/26/1947 – 6/26/1950
Minimum Active Duty Service Requirements: 181 continuous days
Qualifying Active Duty Dates: 2/1/1955 – 8/4/1964
Minimum Active Duty Service Requirements: 181 continuous days
Qualifying Active Duty Dates: 8/5/1964 – 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961
Minimum Active Duty Service Requirements: 90 total days
Qualifying Active Duty Dates: 5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981
Minimum Active Duty Service Requirements: 181 continuous days
Qualifying Active Duty Dates: 9/8/1980 – 8/1/1990 *The beginning date for officers is 10/17/1981
Minimum Active Duty Service Requirements:
Qualifying Active Duty Dates: 8/2/1990 – Present
Minimum Active Duty Service Requirements:
Use our VA loan calculator to estimate your monthly payments and determine the VA loan limit in your area.
To make sure your home fits within your budget, simply enter your ZIP code, home price, down payment and credit score to see current VA mortgage rates and estimate your monthly payment. Then we can match you with lenders that will cater to your individual needs.
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.
of VA Loan borrowers could not quality for a conventional loan
According to the VA, there is “… no maximum that[1] an eligible veteran may borrow using a VA-guaranteed loan.” However, there are imposed VA loan limits that must be used to calculate the VA’s maximum guaranty amount for a particular county. Generally, an eligible veteran can get a loan up to $424,100 with no money down and in some high-cost locations, up to $721,050.