Loansnap.com is dedicated to serving the members of the United States Army, Navy, Air Force, Marines, Coast Guard, National Guard and all reserve units.
As a veteran owned company, we understand the needs of those in the armed service and the unique needs of service families. Loansnap.com provides VA & FHA financing, as well as a deep set of conventional and non-conventional financing methods. Veterans can also refinance through Loansnap.com, knowing they will be treated with respect and courtesy, as well as receive the most advantageous rates and programs available.
What are VA Loan Guaranty Benefits?
If you are eligible, VA provides a Certificate of Eligibility for home loan guaranty benefits. You use the Certificate to make application for a home loan to a private lender (bank or mortgage company.) The VA guaranty protects the lender against loss, providing an incentive for lenders to make home loans to veterans on favorable terms.
How Much is the Guaranty?
The maximum VA guaranty is $36,000 for loans up to $144,000.
For loans above that amount, the guaranty may go as high as $50,750. The actual percent and dollar amount of guaranty varies depending on the loan amount.
What is the Maximum VA Loan?
Although there is no VA established maximum loan amount, the loan cannot exceed the reasonable value of the property (plus the VA funding fee.) In addition, lenders generally limit VA loans to no more than $203,000. This is because most loans are sold in the secondary market, which limits VA loans to that amount.
Who is Eligible?*
You must have completed a period of military service, (which varies depending on the period in which you served) and been discharged or released under other than dishonorable conditions. Here are the periods of service and time requirements:
ERA
DATES
MINIMUM SERVICE
WWII
9/16/40 to 7/25/47
90 days
Peacetime
(dates between conflicts)
181 days
Korean
06/27/50 to 01/31/55
90 days
Post-Korean
02/01/55 to 08/04/64
181 days
Vietnam
08/05/64 to 05/07/75
90 days
Post-Vietnam
05/08/75 to 09/07/80
181 days
Enlisted after
09/07/80
24 months
Commissioned after
10/16/81
24 months
Persian Gulf--Activated NG/Res
08/02/90
24 months or 90 days
Selected Reserve and National Guard
(eligibility expires 09/03/2003)
6 years
Persian Gulf service
For Persian Gulf service, the 24 month period of active duty applies unless you were called up for a lesser period, as was the case with many reservists and National Guard members. There are exceptions to the minimum active duty requirements if you were discharged due to a service connected disability, hardship, or convenience of the government in some cases. Use the above chart only as a guide. Your eligibility will be determined by VA based upon your military records.
* The information on this page is subject to change without notice by the Department of Veterans Affairs and/or Loansnap.com, Inc..
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