To be eligible for a Veterans Affairs (VA) home loan a borrower must first apply for and receive a Certificate of Eligibility from the Veterans Administration Office. This now can be done online within minutes in most cases. Per the VA Office’s specifications, a borrower must have been on active duty, a member of the reserves or the spouse of an active duty or reserve member.
Borrowers do not need to have actively served during wartime to qualify. However, veterans who were on active duty for at least 90 days during World War II, the Korean “conflict,” or in Vietnam—and honorably discharged—are usually eligible.
Veterans serving during peacetime should have served at least 181 days of active duty, with honorable discharges during the following periods.
• 7/26/1947 to 6/26/1950;
• 2/1/1955 to 8/4/1964;
• 5/8/1975 to 9/7/1980 if an enlisted veteran; or
• 5/8/1975 to 10/16/1981 if you were an officer.
If you served in the Gulf War, you should have the following track record.
• 24 months of active duty; or
• at least 90 days of active duty and discharged under hardship, early out or service-connected disability; or
• less than 90 days if honorably discharged for a service-connected disability.
Should you have completed six years in qualified Reserves or National Guard—with an honorable discharge— or retired or transferred to another Reserve classification (Standby or Ready Reserve), you should also qualify for a Certificate of Eligibility.
Active duty military personnel—if on regular, not training, duty—who served 181 days are also eligible for VA home loans. You may qualify if you were in the military of our Allies during World War II. Some cadets at West Point, the Air Force Academy, midshipmen at the US Naval Academy, or Coast Guard Academy cadets may also be eligible for VA mortgages.
Where to apply for a VA loan in Illinois? We at the TREBweekly.com suggest if you have any questions or are interested in applying for a VA Loan in the State of Illinois that you call the VA Mortgage experts at Republic Mortgage Home Loans. They have branches all over Illinois covering all the Chicagoland area and the Rockford, Illinois region. They can be reached at (815) 621-9888 or go to www.mike-scalise.com to apply online. They can assist you from start to finish.