Who is Eligible for a VA Loan?
Active Duty Service Members
You must have served a minimum length of time in the military, typically 90 continuous days of active service.
Veterans
If you have served in the military during wartime or peacetime and were honorably discharged, you may be eligible.
Surviving Spouses
Surviving spouses of veterans who died as a result of service-related injuries or a service-connected disability may be eligible for a VA loan.
National Guard and Reserves
Members of the National Guard and Reserves may be eligible for VA loans after completing six years of service or being called to active duty for a certain period of time.
Note: Eligibility may vary depending on the type of service and duration of service. To determine eligibility, you can apply for a Certificate of Eligibility (COE) through the VA.
Types of VA Loans
There are different types of VA loans available, depending on your needs. Some common types include:
1. Purchase Loan
A standard VA loan used to purchase a new home, typically with no down payment required.
2. Cash-Out Refinance Loan
Allows veterans and active-duty service members to refinance their current mortgage, take out cash, and use it for other expenses.
3. Interest Rate Reduction Refinance Loan (IRRRL)
Also known as the VA Streamline Refinance, this loan is used to lower the interest rate on an existing VA loan.
4. Native American Direct Loan (NADL)
A specialized VA loan for Native American veterans or those who have a direct connection to a Native American tribe, used to buy, build, or improve a home on trust land.