The Servicemen's Readjustment Act, also known as the GI Bill, created the Veteran Administration Loan in 1944. It was signed into law by President Franklin D. Roosevelt, and it was made so that Veterans could get a home loan with no down payment that was backed by the government. Private lenders like banks, savings and loans, and mortgage companies give VA loans to qualified Veterans so they can buy homes to live in. If the loan goes bad, the lender won't lose money. The loan may or may not go into default, depending on the VA home loan company programs options.
At least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability you should contact your Regional VA Office for eligibility verification.
Reserves and National Guard
A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:
You can apply for the best VA home Loan with any, that participates in the top VA home loan mortgage program. In addition to the application requirements for your VA home loan, you will need the following at application time:
Yes, your eligibility is reusable depending on the circumstance. If you have paid off your prior VA home Loan and disposed of the property, you can have your eligibility restored again. Also, on a 1-time basis, you may have your eligibility restored if your prior VA Loan has been paid off, but you still own the property. Either way, the Veteran must send the Veterans Administration a completed VA Form 16-1880 to the VA Eligibility Center. To prevent delays in processing, it's advisable to include evidence that the prior loan has been fully paid, and if applicable, the property was disposed of. A paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement must be submitted.