VA loans are used by thousands of service members every day. The loans are issued by private lenders and are backed by the U.S. Department of Veteran Affairs. Here are the requirements necessary to qualify for the VA loan:
- You are on active duty and have served 90 continuous days.
- You are a veteran who meets length-of-service requirements, which generally are 90 days in wartime and 181 days in peacetime.
- You completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard.
- You are the surviving spouse of a veteran who died while in service or from a service-connected disability and you have not remarried. Or you remarried after age 57 or Dec. 16, 2003. Spouses of service members missing in action or prisoners of war are also eligible.
You may still qualify even if you don’t meet the length-of-service requirements in some cases, such as being discharged for a service-connected disability. Check with the VA for details.