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Questions that frequently arise regarding eligibility for a VA loan.

• 1. Are there income or credit requirements for a VA loan?Yes, you must meet VA and lender income and credit requirements to qualify for a VA loan.
• 2. Do I need to meet other requirements, other than income and credit requirements, to be eligible for a VA loan?Yes. You must meet specific service requirements to be eligible for a VA loan.
• 3. Are the eligibility requirements for a VA loan the same whether you served during a wartime period or a peacetime period?No. There are a different set of criteria for service during wartime periods and service during peacetime periods.
• 4. What are the eligibility requirements for service during wartime periods?If you served during wartime period prior to September 7, 1980 (enlisted) or October 16, 1981 (officer), you must have at least 90 days of active duty and you must not have been discharged under dishonorable circumstances.
• 5. What are the eligibility requirements for service during peacetime periods?If you served during a peacetime period prior to September 7, 1980 (enlisted) or October 16, 1981 (officer), you must have served at least 181 days of continuous active duty service and you must not have been discharged under dishonorable circumstances.
• 6. What if I served less than 90 days during a wartime period or less than 181 days during peacetime period prior to September 7, 1980 (enlisted) or October 16, 1981 (officer)?If you served less than 90 days during a wartime period or less than 181 days during peacetime period and it was due to a service-related injury or disability, you may still qualify for a VA loan.
• 7. What are the wartime service periods prior to September 7, 1980 (enlisted) or October 16, 1981 (officer)?The wartime service periods are as follows:
  
    * WWII: September 16, 1940 to July 25, 1947
  
    * Korean: June 27, 1950 to January 31, 1955
  
    * Vietnam: August 5, 1964 to May 7, 1975
• 8. What are the peacetime service periods prior to September 7, 1980 (enlisted) or October 16, 1981 (officer)?The peacetime service periods are as follows:
  
    *July 26, 1947 to June 26, 1950
  
    * February 1, 1955 to August 4, 1964
  
    * May 8, 1975 to September 7, 1980 (enlisted)
  
    * May 8, 1975 to October 16, 1981 (officer)
• 9. What are the service requirements if I served after September 7, 1980 (enlisted) or October 16, 1981 (officer)?If you served after September 7, 1980 (enlisted) or October 16, 1981 (officer), you will need to meet one of the following conditions to be eligible for a VA loan:
  
    * You must have completed at least 24 months of continuous active duty and you must have been discharged under honorable conditions.
  
    * You must have completed at least 181 days of active duty and have been discharged due to hardship, early out or have been diagnosed with a compensable service-related disability.
  
    * If you were discharged with less than 181 days of continuous service, it must have been due to a service-related disability.
  
    * You may be eligible for a VA loan if you were discharged due to an involuntary reduction in force, qualifying medical conditions or at the request of the government at its convenience.
• 10. Are eligibility requirements different for Gulf War vets?Yes. If you served in the Gulf War, you must meet one of the following requirements to qualify for a VA loan:
  
     * You must have completed 24 months of continuous active duty or, if less than 24 months, must have served for the full period (a minimum of 90 days) for which you were called or ordered to active duty and you must have been discharged under honorable circumstances.
  
     * You must have completed at least 90 days of active duty and discharge must have been due to hardship, early out or a service-related disability.
  
     * If you were discharged with less than 90 days of service, your discharge must have been due to a service-related disability.
  
     * You may be eligible if you were discharged due to an involuntary reduction in force, if you meet certain medical requirements or if the government requested your discharge at its convenience.
• 11. What if I am currently on active duty?If you are currently on regular active duty (active duty for training purposes does not qualify) you are eligible for a VA loan after you have served for 181 days (or 90 days during the Gulf War), unless you were previously discharged from a qualifying period of active service.
• 12. What if I'm a Selected Reserve or National Guard?If you are not eligible under other VA guidelines, your participation in the Selected Reserve or National Guard will provide you with eligibility for a VA loan after a total of 6 years of service assuming that you are a member of an active unit and you attended all required weekend drills as well as the required 2-week active duty training. You must also meet one of the following requirements:
  
     * You were discharged under honorable circumstances.
  
     * You were placed on the retired list.
  
     * You were transferred to the Standby Reserve or the Ready Reserve after honorable service.
  
     * You continue to serve.
  
  If you completed less than 6 years of service, you may still be eligible for a VA loan if you were discharged for a service-related disability.
• 13. Does anyone else other than a military veteran qualify for a VA loan?Yes, in certain circumstances United States citizens who served in the armed forces of a United States ally in WW II may be eligible for a VA loan. Also, certain individuals serving as officers in the Public Health Service and cadets and midshipmen at military academies may also qualify as well as officers of the National Oceanic & Atmosphere Administration and merchant seamen with WW II service. If you think you may qualify for a VA loan but are not a military veteran, call us at 808.792.4251 and we will be happy to assist you.
• 14. Are spouses eligible for VA loans?The unmarried spouse of a veteran who died in service or from a service-related injury or disability or the spouse of a service person who is missing in action or a prisoner of war may be eligible for a VA loan. If you feel you may qualify for a VA loan under these circumstances, please call us at 808.792.4251.

* Please note that applications involving anything other than an honorable discharge will require further processing by the VA to determine whether or not the service was under honorable conditions.