Who Can Apply for a VA Loan

Serving one's country is perhaps one of the most honorable things an individual can do. To provide for those who have protected the country, the Department of Veterans Affairs offers a number of benefit programs. The most beneficial program for veteran home buyers is the VA home loan program. This program allows veterans and service members to apply for a VA loan. This type of financing usually offers more favorable interest rates and loan terms than those found in the conventional loan market.
To apply for a VA loan, one must meet a number of eligibility requirements. The requirements depend on the time and length of service and whether a veteran was discharged under honorable conditions or not. Listed below are the types of eligibility requirements and the particular specifications on who can apply for a VA loan.
Veterans may apply for a VA loan if they served at least 90 days on active duty during one of the following war times:

• 1) WWII: 9/16/1940 to 7/25/1947
• 2) Korean: 6/27/1950 to 1/31/1955
• 3) Vietnam: 8/5/1964 to 5/7/1975

Service members may also apply for a VA loan if they served at least 181 days of continuous active duty during one of the following peace times:

• 1) 7/26/1947 to 6/26/1950
• 2) 2/1/1955 to 8/4/1964
• 3) 5/8/1975 to 9/7/1980 (Enlisted)
• 4) 5/8/1975 to 10/16/1981 (Officer)

Below is the criteria necessary for officers enlisted that served after 9/7/1980 or after 10/16/1981 and individuals who served active duty in the Gulf War during the period of 8/2/1990 to a date yet to be determined. One of the following must be true:

• 1) Completed 24 months of continuous active duty or the full period (at least 181 days for officers and 90 days for service members in the Gulf War) for which one was ordered or called to active duty.
• 2) Completed at least 181 days of active duty for officers and 90 days for Gulf War veterans, and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early Out), or have been determined to have a compensable service-connected disability;
• 3) Been discharged with less than 181 days of service for a service-connected disability for officers and 90 days for Gulf War veterans. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.

For active duty service personnel veterans can apply for a VA loan if they are now on regular duty (not active duty for training) and have served 181 days or 90 days during the Gulf War.
Selected reserves and National Guard can also apply for a VA loan. If a veteran has completed 6 years and meet one of the following they can apply for a VA loan:

• 1) Were discharged with an honorable discharge, or
• 2) Were placed on the retired list, or
• 3) Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service, or
• 4) Continue to serve in the Selected Reserves.

In special circumstances individuals may also apply for a VA loan if they:
1) Are an un-remarried spouse of a veteran who died while in service or from a service connected disability, or
2) Is a spouse of a service person missing in action or a prisoner of war.
And lastly, individuals can apply for a loan if they are one of the following:

• 1) United States citizens who served in the armed forces of a government allied with the United States in WW II.
• 2) Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.