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VA Loans and Eligibility
VA will guarantee a maximum of 25 percent of a home loan amount
up to $89,912, which limits the maximum loan amount to $359,650.
Generally, the reasonable value of the property or the purchase
price, whichever is less, plus the funding fee may be borrowed.
All veterans must qualify, for they are not automatically
eligible for the program.
VA guaranteed loans are made by private lenders, such as banks,
savings & loans, or mortgage companies to eligible veterans for
the purchase of a home, which must be for their own personal
occupancy. The guaranty means the lender is protected against
loss if you or a later owner fails to repay the loan. The
guaranty replaces the protection the lender normally receives by
requiring a down payment allowing you to obtain favorable
financing terms. If you're thinking of purchasing a home in the
Cleveland Ohio area, contact me for more information or a list
of lenders specializing in VA loans.
GENERAL RULES FOR ELIGIBILITY You are eligible for VA home loan
veteran benefits if you served on active duty in the Army, Navy,
Air Force, Marine Corps, or Coast Guard and were discharged
under conditions other than dishonorable after either: * 90 days
or more, any part of which occurred during wartime, OR * 181
continuous days or more (peacetime)
TWO YEAR REQUIREMENT If you: * enlisted (and service began)
after September 7, 1980, OR * were an officer and service began
after October 16, 1981 You must have completed either: * 24
continuous months or more, OR * the full period for which
ordered to active duty, but not less than 90 days (any part
during wartime) or 181 continuous days (peacetime)
YOU ALSO MAY BE ELIGIBLE IF YOU: were discharged for a
service-connected disability, or * were discharged for the
convenience of the government after completing at least 20
months of a 2-year enlistment, or * completed not less than 90
days (any part during wartime) or 181 continuous days
(peacetime), and * were discharged because of a hardship, or
were determined to have a service-connected compensable
disability, or * were discharged or released from active duty
for a medical condition which pre-existed service and has not
been determined to be service-connected, or * received an
involuntary discharge or release from active duty for the
convenience of the Government as a result of a reduction in
force, or * were discharged or released from active duty for a
physical or mental condition not characterized as a disability
and not the result of misconduct but which did interfere with
your performance of duty * are an unremarried spouse of a
veteran who died while in service or from a service connected
disability, or * are a spouse of a serviceperson missing in
action or a prisoner of war.
ACTIVE DUTY SERVICE PERSONNEL If you are now on active duty, you
are eligible after having served on continuous active status for
at least 90 days. When an ending date is established for Persian
Gulf War service, a minimum of 181 days of continuous active
duty will be required for persons who did not have wartime
service.
MEMBERS OF THE SELECTIVE RESERVE "Selected Reserve" means the
Selected Reserve of the Ready Reserve of any of the Reserve
components which consists of units and individuals who
participate actively in paid training periods and serve on paid
active duty for training each year. This includes Army Reserve,
Navy Reserve, Air Force Reserve, Marine Corps Reserve, and coast
guard reserve as well as Army National Guard and Air National
Guard.
ELIGIBILITY MAY ALSO BE ESTABLISHED FOR: certain United States
citizens who served in the armed forces of a government allied
with the United States in World War II. * individuals with
service as members in certain organizations, such as Public
Health Service officers, cadets/midshipmen at service academies,
officers of National Oceanic and Atmospheric Administration,
merchant seamen with WWII service, and others.
Cecilia Sherrard is a full time dedicated Realtor in Northeast
Ohio. Cecilia has earned many awards and is a multi-million
dollar producer with years of experience and knowledge.
Servicing areas such as: Lakewood, Parma, Westlake, Brook Park,
Rocky River etc.
Written by: Cecilia Sherrard
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