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What does it mean to be a veteran?
The term "veteran" means a
person who served in the active military, naval, or air service, and
who was discharged or released therefrom under conditions other than
dishonorable. 38 U.S.C. § 101(21). A Veteran is defined as a
person who served in the active military, naval, or air service and who
was discharged or released under conditions other than dishonorable. The term "active service" is defined in 38 Code of Federal Regulations as being: Active duty.
What are the 5 types of veterans?
Under VEVRAA, a veteran may be classified as a ''disabled
veteran,'' ''recently separated veteran,'' ''active duty wartime or
campaign badge veteran,'' or ''Armed Forces service medal veteran. '' active duty* in the U.S. Military? *See 38 USC § 101(21) for a full list of service that may be counted as active duty.
To explore VA Benefits and Health Care, visit:
https://www.va.gov/
About Franc Marrero, MRP. Franc is a Military Relocation Professional in Florida. Over 40 years as a Real Estate Expert for all things related to VA. He also, works with new construction home, representing the buyers navigate their home purchases.
He has extensive knowledge in the mortgage industry. He run a mortgage company for over 17 years in Florida.
What is a VA Loan?
A VA home loan (also known as a Department of Veterans Affairs home
loan) is one of the most useful military benefits. If you qualify, you
can buy or build a home, or refinance an existing home mortgage, with as
little as $0 down, great rates and financing with no mandated cap.
Another benefit over traditional mortgages is that there is no PMI
(Private Mortgage Insurance, the monthly insurance fee charged to
protect the bank until you reach at least 20% equity).
VA Loan Qualifications:
a- Completed at least 90 days of active duty service.
b- Have at least 6 years of service either in the Reserves or National Guard.
c- Served at least 181 days of active service during peacetime.
d- Have 90 cumulative days of active service under Title 10 or Title
32. For Title 32 service, at least 30 of those days must have
been consecutive.
e- You're the spouse of a military service member who either died in
the line of duty, or as a result of a service-related disability.
What Do I Need To Secure a VA Loan?
In order to qualify for a VA loan you'll need to provide your lending
institution with a COE, or Certificate of Eligibility. The process to obtain a COE involves
obtaining proof of service and filling out the right paperwork for your
military branch. You can apply online or print out a COE request from
the VA website. If you have access to your eBenefits portal you can
receive your COE confirmation in just a few minutes.
Check you eligibility here!