It’s a VA loan provided by a participating lender like Divito Lending and it is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.
The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
You must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements as listed below.*
|STATUS||QUALIFYING WARTIME & PEACETIME PERIODS||QUALIFYING ACTIVE DUTY DATES||MINIMUM ACTIVE DUTY SERVICE REQUIREMENT|
|Veteran||WWII||9/16/1940 – 7/25/1947||90 total days|
|Post-WWII||7/26/1947 – 6/26/1950||181 continuous days|
|Korean War||6/27/1950 – 1/31/1955||90 total days|
|Post-Korean War||2/1/1955 – 8/4/1964||181 consecutive days|
|Vietnam War||8/5/1964 – 5/7/1975 For veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961.||90 total days|
|Post-Vietnam War||5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981.||181 continuous days|
|24-month rule||9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981.||– 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty|
|Gulf War||8/2/1990 – Present||– 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty|
|Currently On Active Duty||Any||Any||90 continuous days|
|National Guard and Reserve Member||Gulf War||8/2/1990 – Present||90 days of active service|
|Six years of service in the Selected Reserve or National Guard ANDWere discharged honorably ORWere placed on the retired list ORWere transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable ORContinue to serve in the Selected Reserve|
If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions or (5) a service-connected disability. *Table taken from here http://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp on 12/9/2013. Eligibility requirements are subject to change as deemed necessary by the VA. All VA loans subject to underwriting approval. Certain restrictions apply. Call for details.