**SPONSORED CONTENT BY VALERIE HUNTER-KELLY**
What is required to achieve VA Eligibility?
Good question. Designed as a benefit for the men and women who have served their country in peace time or in war, and in the original spirit of America’s Declaration of Independence to secure the right to “life, liberty and the pursuit of property”, Congress granted assistance to our veterans to secure housing. To be eligible to benefit from the program, a member of the Armed Services must have served a minimum of 90 days active duty in war time and a minimum of 180 days active duty in peace time. For those who serve in the National Guard / reservist, 6 years of service is required.
This entitles the service member to eligibility for a VA Guaranteed Loan. The US government does not loan the money for the purchase of the property. Rather it guarantees the lender, who makes the money available, so that should the borrower default on the loan, the lender will be ‘made whole’. This encourages the lender to make more loans at competitive rates by reducing the risk on each loan made.
I used my VA Eligibility over 30 years ago when I bought my first house. Now, we’d like to buy a new home. Am I excluded from getting another VA Loan?
You can use your eligibility as many times as you’d like, as long as you meet the eligibility requirements. Your eligibility is tied to the loan you obtained 30 years ago. If you have paid off that loan, or sold the property and cleared that note, then you can apply to have your eligibility restored. You can then use your eligibility to purchase another home. Speak to your REALTOR or a VA experienced loan officer to learn more about it.
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