Apply For VA Home Loans

What Is a VA Home Loan?

A VA home loan is a Veteran loan provided by an approved lender like CrossCountry Mortgage and it is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer qualified veterans more favorable terms on a home loan or mortgage refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.

A veteran playing with her child

What are Benefits of a VA Home Loan?

The VA offers a few home purchase and mortgage refinance loan programs depending on your needs. In general, these programs can help you qualify for a veteran loan with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.

Some Other Benefits of VA Loans include:

  • Up to 100% financing is available with no mortgage insurance.
  • No appraisal needed on VA Streamline Refinance loans.
  • VA rules limit your closing costs.
  • Closing costs may be paid by the seller.
  • You can’t be charged a penalty fee if you pay off the loan early.
  • If you have trouble making payments, the VA may be able to help.
  • Surviving spouses of deceased Veterans may also be eligible. Contact us for details.

What is the VA home loan eligibility criteria?

In order to be eligible for a VA home loan, the veteran must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements as listed below:*

Veteran WWII 9/16/1940 – 7/25/1947 90 total days
Post-WWII 7/26/1947 – 6/26/1950 181 continuous days
Korean War 6/27/1950 – 1/31/1955 90 total days
Post-Korean War 2/1/1955 – 8/4/1964 181 consecutive days
Vietnam War 8/5/1964 – 5/7/1975 For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961. 90 total days
Post-Vietnam War 5/8/1975 – 9/7/1980 The ending date for officers is 10/16/1981. 181 continuous days
24-month rule 9/8/1980 – 8/1/1990 The beginning date for officers is 10/17/1981. – 24 continuous months OR – the full period (at least 181 days) for which you were called or ordered to active duty
Gulf War 8/2/1990 – Present – 24 continuous months OR – the full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty Any Any 90 continuous days
National Guard and Reserve Member Gulf War 8/2/1990 – Present 90 days of active service
  • Six years of service in the Selected Reserve or National Guard AND
  • Were discharged honorably OR
  • Were placed on the retired list OR
  • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable OR
  • Continue to serve in the Selected Reserve

How to Apply for a VA Home Loan? Here are five simple steps to apply for a veteran home loan:

  1. Make sure you meet the VA home loan requirements criteria for application.
  2. Get a valid Certificate of Eligibility (COE).
  3. Choose an approved lender for your VA home loan.
  4. Apply for loan pre-approval, to determine how much you can afford.
  5. Find your dream home.

CrossCountry Mortgage (CCM) has helped Active Military Personnel, Veterans, and other eligible groups make sense of VA loans, guide them through the process, and ultimately match them with the best mortgage option. In addition to employing nearly 250 Veterans and Active-Duty Service Members, as well as offering VA loans as part of its lending portfolio, we have more than 600 branches across all 50 states staffed by lending professionals who are committed to their communities and to the needs of Active Military Personnel, their Families, and Veterans. Our commitment to the Military extends to helping take the guesswork out of VA home loans and making obtaining one a straightforward and painless process.

If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions or (5) a service-connected disability. *Table taken from here on 12/9/2013. Eligibility requirements are subject to change as deemed necessary by the VA. All VA loans subject to underwriting approval. Certain restrictions apply. Call for details.

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