Thank you for your service. Enjoy special benefits with a VA loan.

VA loans can be extended to active-duty service members, veterans, and National Guard or Reserve members who meet certain service period requirements. Certain surviving spouses may also qualify.

As a veteran or military spouse, here’s how you could qualify for a VA loan:

• Active-Duty Service Members: Serving members become eligible for a VA loan after completing 90 continuous days of active duty. ​
• Veterans: Eligibility depends on the service period; generally, veterans who served at least 90 days during wartime or 181 days during peacetime qualify. ​
• National Guard and Reserve Members: Eligibility is established after six years of service in the Selected Reserve or National Guard, or after 90 days of active-duty service under Title 32, Sections 316, 502, 503, 504, or 505, with at least 30 consecutive days. ​
• Surviving Spouses: Unremarried surviving spouses of veterans who died in service or from a service-connected disability, or spouses of service members missing in action or prisoners of war, may be eligible. Additionally, surviving spouses who remarry after age 57 and after December 16, 2003, may also qualify. ​
• Discharge Status: Eligibility requires a discharge status other than dishonorable. Individuals with an “other than honorable,” bad conduct, or dishonorable discharge may not be eligible; however, they can apply for a discharge upgrade or request a VA Character of Discharge review to potentially qualify.

You must live in the home you are purchasing or refinancing as your primary residence and have a Certificate of Eligibility, which you can obtain from the Office of Veterans Affairs. You must also meet income requirements to show you can meet the expected monthly obligations and have a credit score of 600 or better, depending on the loan amount (640 for loans of $700,000 or more.)

With VA home loans, the VA guarantees a portion of your loan so that lenders can offer you zero down payment, competitive rates, and no PMI. You still borrow from a regular lender, but with the government’s backing, you get special mortgage treatment while focusing on your next chapter instead of scraping together a down payment.

The U.S. Department of Veterans Affairs (VA) guarantees these loans, which private mortgage lenders — including AmeriSave — offer to United States military members.

VA loans are often the best mortgage option available for veterans and could help you secure a lower rate than a conventional loan. You may have other mortgage options for which you qualify, such as a home loan backed by the Federal Housing Authority (FHA) if you meet income requirements. To find the best loan for you, contact one of our Loan Experts, who will gladly review the criteria and benefits of different types of government-backed loans and make a recommendation.

Every mortgage lender has different criteria and loan and interest rate options. AmeriSave will customize a loan that meets your needs and qualifications, with the best interest rate and lowest down payment possible. Getting mortgage preapproval shows sellers and real estate agents proof you can afford the homes you’re shopping for.

You may need to pay the VA funding fee, which is a one-time fee, and certain closing costs. Because the VA home loan program doesn’t require home buyers to make down payments or carry monthly PMI, the VA funding fee helps lower the program’s cost to taxpayers. Those who have a service-connected disability and are eligible for VA compensation are not required to pay the fee.

Military veterans have two options to refinance a veteran home loan. The IRRRL (Interest Rate Reduction Refinance Loan) is a faster way to swap your existing VA loan for one with better rates thanks to minimal paperwork and no appraisal headaches. If you need cash, a VA cash-out refinance lets you access your home’s equity while possibly getting better terms.

Bonus entitlement enables borrowers to have more than one VA loan outstanding at a time. Such loans may require you to make a down payment, depending on the loan amount and home price.

VA loan guidelines are more lenient than conventional loans regarding bankruptcy and foreclosure. If you filed for bankruptcy and it was discharged more than two years ago, you may still be eligible for a VA loan. If your bankruptcy was related to a business you owned, you may be eligible for a VA loan in as little as 12 months after discharging the bankruptcy. Likewise, a home foreclosure does not necessarily disqualify you from VA home loan eligibility. If you foreclosed on a home two or more years ago, it should not affect your ability to apply for a VA home loan.