It this current time of ever-tightening purse strings and more rigid qualifications standards from lenders it is getting extremely hard for first time home buyers who don't have an abundance of money to purchase a home. But have no fear as there are still a few programs that if you qualify will allow you to purchase a home with no money down. One of the most recognizable programs is a VA home loan.
Simply serving in the military does not automatically make one eligible. In order to be eligible, the veteran must have:
(a) completed 24 months of continuous active duty (For reservists activated under Federal call up, they must complete the full period for which they were called but not less than 90 days) and been discharged under conditions other than dishonorable;
OR
(b) completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early out), or have been determined to have a compensable service-connected disability,
OR
(c) been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.
If the service characterized the discharge as "other than honorable", VA is required to make a determination as to whether that discharge was under dishonorable conditions. Under VA regulations, a discharge is dishonorable if it was issued under one of the following conditions:
- As a conscientious objector who refused to perform military duty, wear the uniform, or comply with lawful order of competent military authorities.
- By reason of the sentence of a general court-martial.
- Resignation by an officer for the good of the service.
- As a deserter.
- As an alien during a period of hostilities, where it is affirmatively shown that the former service member requested his or her release. See 38 CFR §3.7(b).
- By reason of a discharge under other than honorable conditions issued as a result of an absence without official leave (AWOL) for a continuous period of at least 180 days.
- Acceptance of an undesirable discharge to escape trial by general court-martial.
- Mutiny or spying.
- An offense involving moral turpitude. This includes, generally, conviction of a felony.
- Willful and persistent misconduct.
- Homosexual acts
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