How to Get a VA Home Loan – Part 1: Who is Eligible?

How to Get a VA Home Loan in Illinois, Wisconsin, Minnesota and Florida - Part 1: Who is Eligible?

We are starting a 5 part series that will explain the basics of a VA home loan. This first installment will explain who is eligible for a VA home loan.

There are different classifications of people that qualify for a VA Home Loan. The classifications are:

1. Current active members of the Guard or Reserves
2. Discharged members of the Guard or Reserves
3. Active duty military
4. Regular military discharged veterans

Individuals that are current active members of the Guard or Reserves need to request from their commanding officer a statement of service. The commanding officer needs to date and sign the statement and it should be prepared on official military letterhead. The following information will need to appear on the letter:

• Your full name
• Your Social Security Number
• Enlistment date of Guard or Reserve Duty
• Must designate "active" and not currently a part of an inactive or control group.

Discharged members of the Guard or Reserves can supply a copy of the report of separation as well as a copy of the record of service. An alternative is to complete NGB Form 22 or points statement. If you choose to use the points statement then it must indicate that you participated in duty for at least 6 years and you received an honorable discharge.

For those individuals that are currently full time active in the military a signed statement of service from the commanding officer is required. This letter must appear on official military letterhead and include the following information:

• Your full name
• Your birth date
• Your Social Security number and/or your service number
• The date in which you enlisted
• Your current duty status
• Must indicate that you have "No Time Lost." (NOTE: if you have lost time, the time must be listed)
• For those currently serving in the national guard or the reserves you must indicate if you currently served under title 10 or title 32

People that were former Regular Military and have received their discharge must provide a copy of form DD214. This form can be downloaded from the following site: http://www.archives.gov

Keep an eye out for Part 2 of this series, Obtaining the Certificate of Eligibility.

You can also view additional guidelines on our VA program page of our site and check current VA mortgage rates which are updated daily.