Unformatted text preview: to January 31, 1955 August 5, 1964 to May 7,1975 August 2, 1990 to present 181 days of continuous active duty for other than training purposes or discharge because of a service connected disability; or separation under other than dishonorable conditions during the following peacetime periods: July 26, 1947 to June 26,1950 February 1,1955 to August 4,1964 May 8, 1975 to August 8, 1980 Two years of continuous active duty or separation under other than dishonorable conditions during the peacetime period from September 8, 1980 to the present.
5-36 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 5: GOVERNMENT PARTICIPATION & BACKED LOANS
Unremarried spouses of veterans may be eligible for DVA loans if the veteran died while in service of a service–connected injury or illness. Unremarried spouses of veterans who are listed as missing in action may also be eligible for OVA home loans. As partners, several veterans, related or not, may purchase one–family to four–family homes as long as they intend to occupy the property. A veteran and a non-veteran may purchase a home together as co–borrowers, however the OVA will not guarantee the non-veteran's portion of the loan. The OVA does qualify common–law marriages without reduction of the loan guarantee for the non–veteran, as long as proper documentation has been recorded. The two major advantages of the DVA loan are that no down payments are required on full entitlement loans and seller can pay all of the veteran's closing cost, including any escrow requirements. Thus, a veteran could purchase a home with absolutely no cash investment. Another advantage is that no mortgage insurance premium is required on a OVA loan, although there is a funding fee that can be paid in cash or added to the loan. CERTIFICATE OF ELIGIBILITY
One of the most important documents needed for a loan application by a veteran is a Certificate of Eligibility. To receive this certificate, the veteran must secure forms f...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10