To qualify for a VA loan there are several criteria you must meet. The very first step you have to take is to get a Certificate of Eligibility from the VA. In order to be eligible you have to meet one of the following:

Have an honorable discharge during WWII or later
•    Active-duty veterans discharged during WWII or later, without the status of “dishonorable”
•    Active-duty veterans with at least 90 consecutive days of service during major conflict
•    Peacetime veterans and active duty personnel with at least 180 days of consecutive service
•    Enlisted veterans whose service began after 1980 or officers whose service began after 1981 and who have served at least 2 years.

Additionally, members of the National Guard and Selected Reserve may qualify under certain circumstances. If you do qualify for a VA loan you can purchase most types of living quarters, but you cannot purchase a rental property. The home needs to be for your private use.

There are quite a few benefits to VA loans. They allow you to avoid a down payment depending on the lender. They also tend to have lower interest rates and have no insurance premiums because the government is guaranteeing the loan. Closing costs can be less expensive and often there is no penalty for prepaying your mortgage. Finally, VA assistance is available for people that qualify due to temporary financial difficulty. To find out more about VA loans visit http://www.valoans.com/.