Page 9 - The Panozzo Team - VA Home Loan Guide

WHAT IS THE VA HOME LOAN GUARANTY? (CONT.)

Veterans may need to provide their DD-214 (discharge paperwork) so the VA can issue
the Certificate of Eligibility.

- This tells the lender if the Veteran has Eligibility to use the VA home loan and
if the Veteran has any service-connected disability which can offset the VA funding
fee. To use a VA home loan a Veteran must have Eligibility. *(Not every Veteran
who served has eligibility to use the VA home loan. Some Veterans were discharged
or released early and have not met the service requirements).

- The Certificate of Eligibility also tells the lender what the Veterans entitlement”
is. If a Veteran has full entitlement then there is no loan limit!!

- If a Veteran previously had a VA home loan and sold the home, they can have
their full entitlement restored and use their VA home loan again.

*Note - Even if the Veteran has Previously charged entitlement, then they can still
qualify for another VA home loan using their “remaining, or bonus entitlement.”

- If a Veteran Served on Active Duty they must have served for at least 2 years
unless discharged for medical reasons or other qualifying event.

- If a service member is still on active duty they must have served continuously for
at least 90 days to be eligible to use the VA home loan.

**Note – Even if a Veteran has eligibility to use their VA home loan benefit they still
have to qualify for the payment.

8. National Guard and Reserve Eligibility

- As of 2021 National Guard members now have extended benefit to use the VA
home loan. Typically, a member of the National Guard has had to have served
at least 6 years before becoming eligible for the VA home loan. With the new rules
in place, if the National guard member has served over 90 days on Active duty on

Federal orders then they may qualify to use the VA home loan.

- Reservists still need 6 years in the reserves and the required number of “points”
unless they have previous time on active duty. Just because someone is in the
reserves doesn’t mean they don’t qualify.

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