Q:

What are some home loans for military personnel?

A:

Quick Answer

One home loan for military personnel is the Veterans Affairs home loan. The loan is available for both active and retired service members who meet the set criteria, as of 2015, reports the Veterans United Network.

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Full Answer

The Veterans Affairs home loan is a government-backed loan program that enables current military personnel, veterans and eligible surviving spouses to build or purchase homes for personal occupancy. Borrowers can also use the loan to retain, repair or adapt homes. Private lenders, such as mortgage companies and banks, provide the loan while the government guarantees a portion of the loan so that the borrower can obtain favorable terms, states the U.S Department of Veterans Affairs.

To qualify for a Veterans Affairs home loan, a service member must have been in active duty for at least 181 consecutive days during peacetime and 90 consecutive days during wartime. Service members must meet the stipulated guidelines relating to their debt-to-income ratios and credit scores to qualify. As part of the conditions for the award of the loan, service members or veterans must make the new home their primary residence. However, the spouses of the military personnel taking the loans can fulfill the occupancy requirement, states the Veterans United Network.

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