What Is A VA Home Loan?
It’s a loan provided by a participating lender like CrossCountry Mortgage, Inc. and it is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we’re able to offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.
CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Call for details. *Certificate of Eligibility required.
What Are My Benefits?
The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate and often without requiring a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.
Other Benefits Include:
Up to 100% financing is available with no mortgage insurance.
No appraisal needed on VA Streamline Refinance loans.
VA rules limit your closing costs.
Closing costs may be paid by the seller.
You can’t be charged a penalty fee if you pay off the loan early.
If you have trouble making payments, the VA may be able to help.
Surviving spouses of deceased veterans may also be eligible. Contact us for details.
Are you eligible for a VA loan?
- Qualifying Active Duty Dates: Any
- Minimum Active Duty Service Requirements: 90 continuous days
- Qualifying Wartime & Peacetime Periods: Any
National Guard & Reserve Member
- Qualifying Active Duty Dates: 8/2/1990 – Present
- Minimum Active Duty Service Requirements: 90 days of active service
- Qualifying Wartime & Peacetime Periods: Gulf War
Special Circumstances
- Qualifying Active Duty Dates: 8/2/1990 – Present
- Minimum Active Duty Service Requirements: Six years of service in the Selected Reserve or National Guard
- Qualifying Wartime & Peacetime Periods:
- Were discharged honorably, OR
- Were placed on the retired list, OR
- Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
- Continue to serve in the Selected Reserve
WWII
Qualifying Active Duty Dates: 9/18/1940 – 7/25/1947
Minimum Active Duty Service Requirements: 90 total days
Post-WWII
Qualifying Active Duty Dates: 7/26/1947 – 6/26/1950
Minimum Active Duty Service Requirements: 181 continuous days
Post-Korean War
Qualifying Active Duty Dates: 2/1/1955 – 8/4/1964
Minimum Active Duty Service Requirements: 181 continuous days
Vietnam War
Qualifying Active Duty Dates: 8/5/1964 – 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961
Minimum Active Duty Service Requirements: 90 total days
Post-Vietnam War
Qualifying Active Duty Dates: 5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981
Minimum Active Duty Service Requirements: 181 continuous days
24-month rule
Qualifying Active Duty Dates: 9/8/1980 – 8/1/1990 *The beginning date for officers is 10/17/1981
Minimum Active Duty Service Requirements:
- 24 continuous months, OR
- The full period (at least 90 days) for which you were called or ordered to active duty
Gulf War
Qualifying Active Duty Dates: 8/2/1990 – Present
Minimum Active Duty Service Requirements:
- 24 continuous months, OR
- The full period (at least 90 days) for which you were called or ordered to active duty
The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:
- Unremarried spouse of a Veteran who died while in service or from a service-connected disability, OR
- Spouse of a Servicemember missing in action or a prisoner of war
- Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003 (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003, that are received after December 15, 2004.)
- Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
You may also apply for eligbility if you fall into one of the following categories:
- Certain U.S. 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 at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others
Ready to take the next step?