The Veterans Affairs (VA) does not directly give loans to veterans and service members. Instead, the VA guaranties a percentage of the loan, which allows veterans, service members, reservist, and unmarried surviving spouses to find competitive interest rates, usually without a down payment. However, manufactured homes do require a down payment, as well as home, which has a purchase price greater than the estimated value.
Note: The VA will make direct loans to Native American veterans, who wish to buy, build, or improve a home on tribal lands, or an eligible disabled veteran, who qualifies for a Special Adapted Housing grant.
Loan Guaranty Uses
Buy a home or condominium
Construct a new home
Improve or repair a home
Refinancing
To purchase a manufactured home and/or lot
To purchase and improve a lot in order to place an owned and occupied manufactured home on
Refinancing a manufactured home in order to purchase a lot
Note: VA will not give loan guaranties to purchase businesses or farms (unless a farm house is included, which will be occupied by the person receiving the guarantee)
Eligibility
Unless the veteran was discharged for a service connected disability, he/she must have received a discharge under honorable conditions. The veteran must also have met certain time in service requirements.
WW II - September 15, 1940 through July 26, 1947 (90 days)
Post WW II - (181 days)
Korean War - June 27, 1950 through January 31, 1955 (90 days)
Post Korean War - (181 days)
Vietnam War - August 4, 1964 through May 7, 1975 (90 days)
Post Vietnam War - May 8, 1975 through September 7, 1980 (181 days)
24 Month Rule - September 9, 1980 to present (2 years)
Reservist and National Guard have different service requirement. They are eligible if the were activated after August 1, 1990 and served 90 continuous days of active duty
Members of the Select Reserve are eligible after 6 years of honorable service
Eligibility of Non-Veterans/Service Members
Unmarried spouses of veterans/service members who died on active duty
Surviving spouses who remarry after the age of 57
Spouses of active duty service members listed as Missing in Action (MIA) or Prisoner of War (POW) for more than 90 days
U.S. citizen who served in the armed forces of an Allied government during WW II
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