What is a VA loan? Who qualifies?
Banks and other private mortgage companies make a special type of home loan to veterans of the US Armed Services. A portion of each loan is guaranteed by the Veterans Administration (VA), and protects the lender's investment if the borrower defaults.
* The guaranteed amount of a VA loan is called an entitlement.
* The current maximum entitlement for loans up to $144,000 is $36,000, with the exact figure determined by your loan amount.
* The maximum entitlement for VA home loans over $144,000 is $60,000.
An entitlement is not a cash payment to you or to the bank. It is the amount the VA promises will be paid to the lender if you default on your loan. Should that happen, the VA may pursue you to recover those funds.
Here is a list of who is eligible for a VA Loan
Wartime/Conflict Veterans who were not dishonorably discharged, and served at least 90 days.
Peacetime service of at least 181 days of continuous active duty with no dishonorable discharge.
Reserves & National Guard
Members who have completed six years of service and have been honorably discharged (or are still serving) may be eligible for a VA loan.
Other types of service that may make you eligible for a VA loan:
* Certain US citizens who served in the armed forces of a government allied with the United States during World War II.
* Surviving spouses of eligible persons who died as the result of service or service-connected injuries. The surviving spouse must not have remarried.
* The spouse of any member of the Armed Forces serving on active duty who has been listed as a prisoner of war or missing in action for more than 90 days.
Anyone with questions about eligibility should speak with their regional VA office.
The Wisconsin phone contact is 608-266-1311
Here is the Wisconsin website. http://dva.state.wi.us/
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“Your Realtor of the Region”
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