VA financing is the best way to purchase a home for $0 down in Orange County, if not the only way. The catch is, the borrower needs to be eligible for VA financing. There are several general rules to determine eligibility.
Military Service Requirements for Determining VA Eligibility
It is important to note that if the discharge was not “honorable” then further research is required by the VA.
- WWII: 9/16/1940 to 7/25/1947
- Korean: 6/27/1950 to 1/31/1955
- Vietnam: 8/5/1964 to 5/7/1975
- Persian Gulf War – See Below
- Afghanistan and Iraq – Check with the VA Website for eligibility guidelines for current service in Afghanistan and Iraq.
Persian Gulf War – Service during period 8/2/1990 to date yet to be determined.
- Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
- Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
- Been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.
Peacetime: Service During the Following Periods
You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.
- 7/26/1947 to 6/26/1950
- 2/1/1955 to 8/4/1964Enlisted veterans whose service was during the time periods listed below, must normally have served at least two years.
- 5/8/1975 to 9/7/1980 (Enlisted)
- 5/8/1975 to 10/16/1981 (Officer)
Personnel Who are on Active Duty
If you are currently on Active Duty (not training) , you are eligible once you have served 181 days (or 90 during the Gulf War).
Selected Reserves and National Guard
You are also eligible if you have completed 6 years in the Selected Reserves or National Guard and the following apply:
- Honorable Discharge, or
- You were placed on the retired list, or
- You were transferred to the Ready Reserve after an honorable discharge, or
- You continue to serve in the Selected Reserves
You may also be eligible even with less than 6 years if you were discharged for a service related disability.
There are a few others ways in which eligibility can be attained. If you feel that you may be eligible but you are not sure, you should check directly with the VA.
The Quick Way for an Orange County, CA Veteran to Check VA Loan Eligibility
For those that are eligible, the first step is to get your Certificate of Eligibility. For this you will need your DD214, along with a completed 26-1880 form. A lender who specializes in VA loans will be able to provide the form, and along with your DD214 can get your Certificate of Eligibility in minutes. It is important to do this as part of the VA Loan PreApproval Process.
Authored by Tim Storm, an Orange County, CA Loan Officer MLO 223456– Please contact my office at Emery Financial Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
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