Qualifying for a VA LoanQualifying for VA Mortgage

For Wisconsin residents that have previously served our country in the armed forces or in the reserves, the VA mortgage is a great way to purchase a home.  This loan is offered to qualified veterans with no money down and no mortgage insurance, making it very affordable.  And the rules for determining who is eligible are quite liberal as well.

Minimum Service Times

People who have served in the Coast Guard, Navy, Marine Corps, Air Force or Army can be considered eligible for a VA loan if they have been discharged and met at least one of the following service times

  • At least 181 days of military service during peacetime
  • At least 90 days of military service during wartime.

This rule is slightly different for people that enlisted past September 7, 1980 as well as any officer whose service began past October 16, 1981.  For these people they must have completed 24 months of service.

Current Enlisted Military

People that are currently enlisted in full duty for one of the branches of the armed forces can also use the VA mortgage.  After the person has completed 90 days of active service they can apply for a loan.

Service Time for Reserves

Wisconsin residents who have served in the various reserve branches can also be eligible for a VA mortgage.  This applies to any of the Reserve components established with the Marine Corps, Army, Air Force, or Navy as well as the Air National Guard, Coast Guard Reserves and Army National Guard.  For these people they must serve at least 6 years in their chosen Reserve before they are eligible for the VA certificate.

Benefits for Spouses

The spouses of veterans who perished in wartime may also be eligible to apply for a VA mortgage loan. The person would have to meet the other requirements regarding credit and income in order to be approved for the mortgage.

Other Exceptions

There quite a few exceptions for veterans who were not able to complete the minimum service requirements.  If you fall in to one of these categories then you may also be eligible for a Wisconsin VA loan.

  • Any person that became disabled during service and received a discharge due to the disability
  • People who were discharged after completing only 20 months of a 2 year agreement may be eligible if their discharge was at the convenience of the federal government.
  • Discharged due to a personal hardship and have completed either the 181 days in peace or 90 days in war
  • Discharged due to a pre-existing medical issue and the person completed either the 181 days in peace or 90 days in war

As you can see from the previous listing, several different people that have served in the military can be eligible for a VA mortgage.  With rates so low, it is a great time to buy a home in Wisconsin and enjoy low payments for years to come.

This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a VA lender directly to learn more about its mortgage products and your eligibility for such products.

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