What You Need to Know about Getting a VA Loan

You have served your country in the military and one of ways your country is saying thank you is with an opportunity for a VA loan in Denver, CO. Ask the mortgage professionals at Golden Lenders for help in applying for this loan.

Happy Home OwnersThis area is one where many active, former, and retired military personnel choose to live because of its beauty, as well as its proximity to bases, such as Fort Carson, Schriever AFB, and Peterson Airbase. Our mortgage company is eager to provide you with information and assistance in acquiring a VA home loan.

Getting a Government-Guaranteed VA Loan

A VA loan is a veterans’ benefit that came into being as World War II was nearing its end. This piece of the GI Bill of Rights focused on helping military members returning from the war get re-established on the home front. With a loan from the U.S. government, veterans could establish credit and buy a home.

The federal government itself does not make the loan. Instead, it stands behind these loans. With the government’s guaranty, veterans could borrow money for a house with no down payment from banks or mortgage companies, and savings and loan associations.

Eligibility for Wartime Veterans

There are specific eligibility requirements for VA loans that concern the war in which the veteran fought, discharge status, and length of service. Here is information for veterans who have served during a war or time of conflict for at least 90 days and received an honorable discharge:

  • Afghanistan & Iraq – Those currently serving should refer to the VA website.
  • Persian Gulf War – For specifics, check with the regional VA office.
  • Vietnam Era – Aug. 5, 1964 to May 7, 1975
  • Korean Conflict – June 27, 1950 to Jan. 31, 1955
  • World War II – Sept. 16, 1940 to July 25, 1947

Eligibility for Peacetime Veterans

An honorable discharge and 181 days of continuous active service are necessary to be eligible for a VA home loan for peacetime service. Veterans who were discharged early due to a service-related disability should speak to someone at the VA office about specifics. Following are time periods for eligibility:

  • 2 Years of Service for Enlisted Veterans Who Begin Serving after Sept. 7, 1980, or Officers with Service Beginning after Oct. 16, 1981
  • May 8, 1975 to Sept. 7, 1980 for an Enlisted Veteran
  • May 8, 1975 to Oct.16, 1981 for an Officer
  • Feb. 1, 1955 to Aug. 4, 1964
  • July 26, 1947 to June 26, 1950

Eligibility for Reserves & National Guard

Members of the Reserves or National Guard currently serving or who have served for six years and been honorably discharged are eligible. For details, reach out to your regional VA office.

Eligibility for Other Qualifying Service

VA loans are also available to other members of the U.S. population. These may include soldiers who served with allied forces or the spouses of service members. Here are the specific requirements:

  • U.S. Citizens Serving in the Armed Forces of a Government That Allied with the United States in WWII
  • Spouses of POWs or MIAs Missing for More than 90 Days
  • Spouses of Those Who Died as the Result of Service or Service-Related Injuries & Have Not Remarried

Contact us today to talk about financing your new home with a VA loan. We serve clients in Denver, Colorado, and the surrounding areas.