About VA Home Loans

By Charmayne Smith

The United States Department of Veteran Affairs offers its VA Home Loan Guaranty Program benefits to individuals who are on active duty military, honorably discharged military members, or unmarried surviving spouses of veterans killed while on active duty. The program is designed to assist these authorized members in purchasing a home.

A completed Certificate of Eligibility is required to qualify for the VA Guaranty Loan. To receive this certificate, you must complete the VA Form 26-1880 Request for a Certificate of Eligibility and submit it to the Winston-Salem Eligibility Center with proof of military service.

If you have already retained a lender, your lender can obtain your Certificate of Eligibility using the Web LGY, an internet based application.

Multiple VA loans are available under certain circumstances. General requirements of a multiple VA loan include paying off the initial property loan and obtaining additional authorization from the Winston-Salem Eligibility Center.

To be eligible for VA loan benefits, The Department of Veteran Affairs requires that all service members complete a minimum of 90 days active duty during wartime and a minimum of 181 days of continuous active duty during peacetime. All discharged members must be discharged in a manner other than dishonorable.

The VA Loan Guaranty program guarantees up to 25 percent of the loan amount. The Department of Veteran Affairs establishes a maximum loan amount for guaranty each year. Refer to the VA County Loan Limit listings for loan specifics.

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