VA Loan Programs

On June 22nd, 1944, President Roosevelt signed the Servicemen’s Readjustment Act of 1944, also known as the G.I Bill. The G.I Bill has evolved, so all qualified servicemembers, Veterans, and surviving spouses get the benefits they earned and deserve. The VA loan program helps first-time homebuyers with a program with low rates, no down payment, and no private mortgage insurance. The Refinance options help you lower payments, get cash out, pay off debt and make renovations. ReNew Lending is an approved VA lender, and we are proud to serve our nation’s heroes.

Eligibility Breifing

This Eligibility Briefing will help you find out if you qualify based on your service history and duty status.

Active Duty

If you have 90 continuous active duty days

Veterans

When did you Serve?

Between September 16, 1940, and July 25, 1947 (WWII) – 90 total days, or Less than 90 days if you were discharged for a service-connected disability
Between July 26, 1947, and June 26, 1950 (post-WWII period) – 181 continuous days, or Less than 181 days if you were discharged for a service-connected disability
Between June 27, 1950, and January 31, 1955 (Korean War) – 90 total days, or Less than 90 days if you were discharged for a service-connected disability
Between February 1, 1955, and August 4, 1964 (post-Korean War period) – 181 continuous days, or Less than 181 days if you were discharged for a service-connected disability
Between August 5, 1964, and May 7, 1975 (Vietnam War), or
February 28, 1961, to May 7, 1975, if you served in the Republic of Vietnam – 90 total days, or Less than 90 days if you were discharged for a service-connected disability
Between May 8, 1975, and September 7, 1980 (post-Vietnam War period), or
Between May 8, 1975, and October 16, 1981, if you served as an officer – 181 continuous days, or Less than 181 days if you were discharged for a service-connected disability
Between September 8, 1980, and August 1, 1990, or
Between October 17, 1981, and August 1, 1990, if you served as an officer – 24 continuous months, or The full period (at least 181 days) for which you were called to active duty
Between August 2, 1990, and the present (Gulf War) – 24 continuous months, or The full period (at least 90 days) for which you were called or ordered to active duty, or At least 90 days if you were discharged for a hardship, a reduction in force, or for convenience of the government, or Less than 90 days if you were discharged for a service-connected disability
You separated from service after September 7, 1980, or
After October 16, 1981, if you served as an officer – 24 continuous months, or The full period (at least 181 days) for which you were called or ordered to active duty, or At least 181 days if you were discharged for a hardship, a reduction in force, or for convenience of the government, or Less than 181 days if you were discharged for a service-connected disability

National Guard

6 creditable years in the National Guard and one of the descriptions below is true for you

Were discharged honorably, or
Were placed on the retired list, or
Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, or
Continue to serve in the Selected Reserve

Between August 2, 1990, and the present (Gulf War) need 90days of active duty time.

Coast Guard

6 creditable years in the Coast Guard and one of the descriptions below is true for you

Were discharged honorably, or
Were placed on the retired list, or
Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, or
Continue to serve in the Selected Reserve

Between August 2, 1990, and the present (Gulf War) need 90days of active duty time.

Reserves

6 creditable years in the Selected Reserve and one of the descriptions below is true for you

Were discharged honorably, or
Were placed on the retired list, or
Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, or
Continue to serve in the Selected Reserve

Reservist between August 2, 1990, and the present (Gulf War) need to show 90days of active duty time.

Surviving Spouses

One of these must be true to qualify for a Certificate of Eligibility from the VA.

Is missing in action, or
Is a prisoner of war (POW), or
Died while in service or from a service-connected disability and you didn’t remarry, or
Died while in service or from a service-connected disability and you didn’t remarry before you were 57 years old or before December 16, 2003, or
Had been totally disabled and then died, but their disability may not have been the cause of death (in certain situations)

Midshipmen at Naval Academy

You may be eligible to get a Certificate Of Eligibility. You can get a Certificate of Eligibility by applying for a loan through Renew Lending, and we will find out if the VA approves you. Click Here to Apply Today! Or you can go to the VA website and Apply for the Certificate of Eligibility and then include it when you apply for the loan. https://www.va.gov/housing-assistance/home-loans/how-to-apply/

Public Health Officer

Cadet at United States Military, Air Force or Coast Guard Academy

Officer of the National Oceanic & Atmospheric Administration

Merchant seaman during World War II

Are a U.S. citizen who served in the Armed Forces of a government allied with the United States in World War II

What if I don’t meet the minimum service requirements?

You must have been discharged for one of these reasons:

Hardship, or
The convenience of the government (you must have served at least 20 months of a 2-year enlistment), or
Early out (you must have served 21 months of a 2-year enlistment), or
Reduction in force, or
Certain medical conditions, or
A service-connected disability (a disability related to your military service)

VA Loan Program Information

VA Purchase

FICO as low as 500
no down payment
no Private Mortgage Insurance
VA funding fee options
30YR, 25, 20YR, 15YR, and 10YR Fixed Term
ARM options available
Debt To Income Ratio up to 55%
Primary Residence only
Single Family Residences, Condo’s, Multi-Family Units, Townhouses, PUD and Manufactured Homes

VA Refinance

FICO as low as 500
no Private Mortgage Insurance
VA funding fee options
30YR, 25, 20YR, 15YR, and 10YR Fixed Term
ARM options available
Debt To Income Ratio up to 55%
IRRRL Streamline Program available
Primary Residences
2nd homes only under the IRRL program
Single Family Residences, Condo’s, Multi-Family Units, Townhouses, PUD and Manufactured Homes

VA Loan Programs

VA Home Purchase

The VA Purchase Program offers a loan that requires no down payment , credit score as low as 500, DTI up to 55%, wide range of amortization terms and max loan limit depends on the County. Primary Residences only.

VA Rate Term Refinance

The VA Rate Term Refinance Loan Program offers a loan that doesn’t requires any equity in the house, credit score as low as 500, DTI up to 55%, wide range of amortization terms and max loan limit depends on the County. You can lower your rate, change your loan terms and get up to $2000 cash back. Primary Residences only.

VA Cash out Refinance

VA Cash Out Refinance Loan Program offers a loan that requires at least 10% equity in the house, credit score as low as 500, DTI up to 55%, wide range of amortization terms and max loan limit depends on the County. You can lower your rate, change your loan terms, pay off debt and get cash back. Primary residence only.

VA IRRRL Refinance

The VA Interest Rate Reduction Refinance Loan (IRRRL) Program is the VA’s Streamline Program that offers a option that doesn’t requires any equity in the house, no appraisal is needed, credit is checked but only to check that mortgage payments must be on time, DTI up to 55%, wide range of amortization terms and max loan limit depends on the County. You can lower your rate, change your loan terms and get up to $2000 cash back. Primary Residences only.

VA Rate Term High Balance Refinance

The VA High Balance Refinance Loan Program is for loans that go over the standard County Loan Limits. The program does not require any equity in the house but you might need at least 5% equity for pricing to work out. Credit score as low as 500, DTI up to 55%, wide range of amortization terms and max loan amount depends on the county. You can lower your rate, change your loan terms and take up to $2000 cash out. Primary Residence Only.

VA Cash Out High Balance Refinance

The VA Cash Out High Balance Refinance Loan Program is for loans that go over the standard County Loan Limits. The program does not require any equity in the house but you might need at least 5% equity for pricing to work out. Credit score as low as 500, DTI up to 55%, wide range of amortization terms and max loan amount depends on the county. You can lower your rate, change your loan terms and take cash out. Primary Residence Only.

VA Loan Programs

Eligibility Breifing

This Eligibility Briefing will help you find out if you qualify based on your service history and duty status.

VA Loan Program Information

VA Purchase

VA Refinance

VA Loan Programs

The VA Purchase Program offers a loan that requires no down payment , credit score as low as 500, DTI up to 55%, wide range of amortization terms and max loan limit depends on the County. Primary Residences only.

Contact us to discuss your entitlement and eligibility for a VA loan

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