VA Home Loans

At least 24 continuous months

90 days of active duty, or at least 6 years total service.

Since 1944, more than 20 million loans have been guaranteed by the Department of Veterans Affairs.
The VA doesn't issue the loan; however, it guarantees the loan. What this means is that the VA provides assurance to the lender that a portion of the loan will be covered should the borrower default on the mortgage.
VA home loans must be used on primary residences. You can't use your VA loan benefits to buy a vacation home or an investment property. If you buy a multi-unit residential property, your primary residence must be one of the units.
There are no pre-payment penalties. You can make extra payments over the life of your loan and pay off your loan sooner without getting penalized.
VA home loans have a funding fee. This fee is the cost associated with obtaining a VA loan and helps to ensure that the loan continues to require no down payment and no monthly mortgage insurance.
There's no monthly mortgage insurance. With other loan programs, if you don't have at least 20% down on a new mortgage, you're required to pay a monthly mortgage insurance fee. This requirement is eliminated by the VA's funding fee.
You can reuse the VA loan benefit. As long as you pay off your existing loan, you're allowed to use your VA loan benefit as often as you'd like.

Did you know...

If your separation date or reenlistment is a year or more after your closing date, then you can use that income to qualify for a loan.

If your separation or reenlistment is less than 12 months from your closing or before, you would need to have at least one of the following:

Proof you are planning to reenlist with a statement regarding your intent to reenlist.
A letter from your commanding officer that there are no circumstances that would prohibit you from reenlisting.
Have a valid offer of civilian employment if you are not reenlisting.