It can be confusing and frustrating when you want to refinance, but don’t know if you qualify! So, if you are overwhelmed, take a deep breath and realize you aren’t alone. This is a question we get asked every day so we decided to try to clarify things a bit for you. There are some basic rules of thumb:
―currently on active duty for
- at least 180 days,
- 90 days of war service,
- 180 days of peacetime service before the 1980’s or
- 24 months of continuous service after the 1980’s, or
- 6 years in the Guard or Reserves, or
- the surviving (un-remarried) spouse of a service member who died on active duty or due to a service-related disability.
Of course, these requirements assume an honorable discharge, but disability or hardship discharges are also acceptable. Just because you don’t fit these categories doesn’t mean you aren’t eligible either. There are other categories of acceptability, like
- cadets of Coast Guard,
- Military or Air Force Academies,
- midshipman from the Naval Academy, or
- officers from the National Oceanic and Atmospheric Administration.
And that’s not even all of them! You could try Googling NOAA, The complete list of eligibility is hard to find, but it’s out there!
Once you think you meet the eligibility requirements, you need to get an eligibility certificate. The easiest way is to let your lender file for it electronically, but this only works for those who are in the VA records system. Basically, you have to file VA form 26-1880 with proof of service and mail it to the eligibility center in North Carolina. -Unless you are the surviving spouse, then use form 26-1817. You can call the VA Loan Eligibility Center at 1-888-244-6711 for more information.
Don’t be overwhelmed; when you work with us, you will have a good loan officer and they will make it easy for you. It’s his or her job to know all this, not yours, so don’t take on unnecessary stress! Call us at (866)-569-8272 and talk to a loan officer today! Next time: Reusing VA eligibility, Can I obtain another VA loan?
Next time: Reusing VA eligibility, Can I obtain another VA loan?