All VA housing loans are basically a very specific type of mortgage loan that is essentially issued by an already approved set of lenders and are furthermore guaranteed by the full financial capability of the U.S. Department of Veterans Affairs, or the DVA.
As a matter of fact, this program had been created by the government of the United States way back in the year 1944, when the Second World War between the axis powers and the allies was just about to wind down. In this respect, the core purpose of trying to set up veteran housing loans was to basically help out the many service members who were returning home after the end of the conflict. The financial support would put them in a position to buy their own homes without the prior need of putting in a substantial down payment right up-front.
Apart from that, the VA housing loans program even did away the need for being in possession of a suitably good credit rating as well. However, these benefits are not for people from all walks of life but exclusively the members of the armed forces and their supporting arms as well.
o VA Loan Eligibility and Requirements Criteria
However, there are certain terms and conditions as well as requirements that must be fulfilled before anyone may be termed eligible for a VA housing loan. Some of them include the following important points:
- It is necessary that the applicant intending to apply for the VA housing loan should have served at least three consecutive months of active service in a real world wartime environment. (It is important to understand that war games participation is not included in this three month stipulation.)
- He or she must have served at least 181 days of active service in a peacetime environment.
- At least six years or more of service in the US National Guard or for that matter just about any reserves branch that operates directly under the control of armed forces
- The spouse of any service member who may have died either while serving in the line of duty, or even any service member (active or otherwise) who may have suffered from any sort of lasting disability that was a direct resulting from his or her time in the service of the nation’s armed forces.
The above terms and conditions have been created so as to provide quality housing to those brave men and women who have willingly gone into harm’s way to make the nation and the world a better place to live in.