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VA Loans For Active Military
VA loans are available to both war veterans as well as active military personnel. VA loans are basically mortgage loans which are made available to war veterans, where a certain amount of the loan is guaranteed by the U.S Department of Veteran Affairs. |
What this means is that even if the borrowers default on the loan, the U.S Department of Veteran Affairs will pay back some part of the loan to the lender, making it a safe option for the lenders, and encouraging them to extend housing finance to those who have either served in the armed forces, or are currently in serving in the armed forces.While the VA loan may seem to apply only to war veterans, VA loans for active military personnel are also available. To be eligible for a VA loan while you are still serving in the military, you must have served at least 90 days on continuous active service. This is because the Persian Gulf War is still ongoing, and active duty is now considered as active wartime duty. Once the war is declared over, to be eligible for a VA home loan, you will have to serve at least 180 days of consecutive peacetime active duty if you did not have any wartime service.
Hence, these loans are not limited only to discharged veterans, but VA loans for active military are also available, and can be obtained by your spouse as well if you are listed as a prisoner of war, or missing for over 90 days while on active duty.
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