VA Loans / Eligibility
VA will guarantee a maximum of 25 percent of a home loan amount up
to $89,912, which limits the maximum loan amount to $359,650.
Generally, the reasonable value of the property or the purchase price,
whichever is less, plus the funding fee may be borrowed. All veterans
must qualify, for they are not automatically eligible for the program. VA guaranteed loans are made by private lenders, such as banks,
savings & loans, or mortgage companies to eligible veterans for the
purchase of a home, which must be for their own personal occupancy.
The guaranty means the lender is protected against loss if you or a later
owner fails to repay the loan. The guaranty replaces the protection the
lender normally receives by requiring a down payment allowing you to
obtain favorable financing terms. If you're thinking of purchasing a
home in the Cleveland Ohio area, contact me for more information or a
list of lenders specializing in VA loans. GENERAL RULES FOR ELIGIBILITY
You are eligible for VA home loan veteran benefits if you served on
active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard
and were discharged under conditions other than dishonorable after
either: * 90 days or more, any part of which occurred during wartime, OR
* 181 continuous days or more (peacetime) TWO YEAR REQUIREMENT
If you:
* enlisted (and service began) after September 7, 1980, OR
* were an officer and service began after October 16, 1981
You must have completed either:
* 24 continuous months or more, OR
* the full period for which ordered to active duty, but not less than 90
days (any part during wartime) or 181 continuous days (peacetime) YOU ALSO MAY BE ELIGIBLE IF YOU:
were discharged for a service-connected disability, or
* were discharged for the convenience of the government after
completing at least 20 months of a 2-year enlistment, or
* completed not less than 90 days (any part during wartime) or 181
continuous days (peacetime), and
* were discharged because of a hardship, or were determined to have a
service-connected compensable disability, or
* were discharged or released from active duty for a medical condition
which pre-existed service and has not been determined to be service-
connected, or
* received an involuntary discharge or release from active duty for the
convenience of the Government as a result of a reduction in force, or
* were discharged or released from active duty for a physical or mental
condition not characterized as a disability and not the result of
misconduct but which did interfere with your performance of duty
* are an unremarried spouse of a veteran who died while in service or
from a service connected disability, or
* are a spouse of a serviceperson missing in action or a prisoner of war. ACTIVE DUTY SERVICE PERSONNEL If you are now on active duty, you are eligible after having served on
continuous active status for at least 90 days. When an ending date is
established for Persian Gulf War service, a minimum of 181 days of
continuous active duty will be required for persons who did not have
wartime service. MEMBERS OF THE SELECTIVE RESERVE "Selected Reserve" means the Selected Reserve of the Ready Reserve of
any of the Reserve components which consists of units and individuals
who participate actively in paid training periods and serve on paid active
duty for training each year. This includes Army Reserve, Navy Reserve,
Air Force Reserve, Marine Corps Reserve, and coast guard reserve as well
as Army National Guard and Air National Guard. ELIGIBILITY MAY ALSO BE ESTABLISHED FOR: certain United States citizens who served in the armed forces of a
government allied with the United States in World War II.
* individuals with service as members in certain organizations, such as
Public Health Service officers, cadets/midshipmen at service academies,
officers of National Oceanic and Atmospheric Administration, merchant
seamen with WWII service, and others. Cecilia Sherrard Realty One / Cleveland Ohio
;
Back |
