Everyone dreams of settling down in a home, but getting a mortgage to turn it into a reality can be tricky for different homeowners for various reasons. Active duty military families may find it more challenging to move into a permanent place due to the nature of their lifestyle, but home loan benefits like VA loans make it possible for service members and veterans to live in a place they can call home.

The steps to getting a VA loan can be complex, though, especially since various eligibility requirements can make the process even more confusing to understand for homebuyers. The list below should brush on the basics, but it helps to work with a professional lender who can help you every step of the way. 

1. Not All Military Members are Eligible for VA Loans

Unlocking benefits such as VA loans are only given for service members who have met the following requirements: 

  • Two years for regular service members;
  • Six years for Reservists and National Guard members;
  • 90 days active duty during wartime;
  • 181 days active duty during peacetime;

2. Select Uniformed Services are Eligible for VA Loans

There are also different military branches but uniformed services involving the Army, Navy, Air Force, Marines, Coast Guard, National Oceanic Atmospheric Administration (NOAA), and Public Health Service (USPHS) can be eligible for home loan benefits. 

For service members in the Reserve or National Guard, they can also earn eligibility for VA loans so long as they meet the following criteria: 

  • Six years of service;
  • Discharged honorably;
  • Placed on the retired list;
  • Standby or ready Reserve after honorable service;
  • Continue to serve in Selected Reserve;

Other services can earn eligibility, but whatever doubts you have about it, having a Certificate of Eligibility (COE) should dispel your confusion since it proves you’re entitled to getting VA loans.

3. Speedier Process for Active Duty Military Members

VA-backed lenders often give active duty members priority, so anyone who meets the requirements below can bump up their eligibility points at a faster rate: 

  • 90 continuous days for active duty service members;
  • 90 days of active service for current Guard and Reserve service members;
  • 90 total days for wartime veterans;
  • 181 continuous days for peacetime veterans;
  • 90 days or full call for Gulf War veterans;

The Bottom Line: Defining VA Loans for Active Military Members and Veterans 

Military families have it tougher than other homebuyers in the market, but working with VA-approved lenders can simplify the complex process and help veterans maximize their benefits. Even when duty calls elsewhere, VA loans make it possible for active-duty members and veterans to move into a home of their choice. 

Why Choose Performance Mortgage to Help You Look for the Best Loan Options in New Orleans, USA

Here at Performance Mortgage, our lenders are equipped with all the tools to provide you with market-leading mortgage solutions — from VA loans for veterans, FHA loans for first-time homebuyers and more. 

Get in touch with us today at (504) 279-5626 and see how we can help you close your loan as stress-free as possible.