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VA Loans - For those who have served our country

US Veterans, active and retired, can enjoy the many benefits of a VA Loan

NO MONEY DOWN-100% Financing

What is a VA Loan?

The Veteran Administration's Loan originated in 1944 through the Servicemen's Readjustment Act; also known as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment.  VA loans are available to eligible veterans for the purchase of his/her primary residence through private lenders, such as banks, savings and loans, and mortgage companies.

Who is eligible for a VA Loan?

Eligibility Requirements:  Wartime/Conflict Veterans
  • Honorably discharged veterans who have served for at least 90 days 
  • World War II – September 16, 1940 to July 25, 1947
  • Korean Conflict – June 27, 1950 to January 31, 1955
  • Vietnam Era – August 5, 1964 to May 7, 1975
  • Persian Gulf War - Check with the Veterans Administration Office
  • Afghanistan & Iraq – Check with the Veterans Administration Office
Eligibility Requirements:  Peacetime Service
For Peactime Service, you will need to demonstrate at least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability you should contact your Regional VA Office for eligibility verification.  Be sure to clarify all eligibilty requirements with your Mid-Island Mortgage professional.
  • February 1, 1955 to August 4, 1964, or May 8, 1975 to September 7, 1980 (Enlisted), or to October 16, 1981 (Officer)
  • Enlisted Veterans whose service began after September 7, 1980, or officers who service began after October 16, 1981, must have completed 24-months of continuous active duty and been honorably discharged.
Eligibility Requirements:  Reserves and National Guard
  • Certain U.S. Citizens who served in the Armed Forces of a government allied with the United States during World War II.
  • Surviving spouse of an eligible Veteran who died resulting from service, and has not remarried.
  • The spouse of an Armed Forces member who served Active Duty, and was listed as a POW or MIA for more than 90-days.

What type of home can I buy with a VA loan?

A VA loan can be used to purchase one of the following types of homes:
  • Existing Single-Family Home
  • Townhouse or Condominium in a VA-Approved Project
  • New Construction Residence
  • Manufactured Home or Lot

How do I apply for a VA guaranteed loan?

You can apply for a VA loan by contacting any one of our mortgage professionals listed in our company directory.  In order to begin the application process, we will need the following documents:
  • Certificate of Eligibility from the Veterans Administration 
  • Proof of Military Service from a VA Eligibility Center
If I have already obtained one VA Loan, can I get another one?

Yes, your eligibility is resuable depending upon the circumstance.  You may have your eligibility restored if your prior VA loan has been paid-off.  You will need to send the Veterans Administration a completed VA Form 16-1880 to the VA Eligibility Center. To prevent delays in processing, it's advisable to include evidence that the prior loan has been fully paid, and if applicable, the property was sold. 

What are the benefits of a VA Loan?
  • 100% financing/no down payment loans
  • No Private Mortgage (PMI)
  • No penalties for prepaying the loan
  • Competitive interest rates
  • Qualification is easier than a conventional loan
  • Sellers pay some of the closing costs
  • Can be combined with additional down payment assistance to reduce closing costs

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