Wartime/Conflict Veterans

• Veterans who were NOT Dishonorably Discharged, and served at least 90 days
• World War II – September 16, 1940 to July 25, 1947
• Korean Conflict – June 27, 1950 to January 31, 1955
• Vietnam Era – August 5, 1964 to May 7, 1975
• Persian Gulf War, Afghanistan & Iraq – Check with the Veterans Administration Office
• Veterans Administration website www.va.gov

Peacetime Service

At least 181 days of continuous active duty with no dishonorable discharge. If you were discharged earlier due to a service-related disability, contact your Regional VA Office for verification.

• July 26, 1947 to June 26, 1950
• February 1, 1955 to August 4, 1964, or May 8, 1975 to September 7, 1980 (Enlisted), or to October 16, 1981 (Officer)
• Enlisted Veterans whose service began after September 7, 1980, must have completed 24 months of continuous active duty.

Reserves and National Guard

• Surviving spouse of an eligible Veteran who died resulting from service, and has not remarried.
• The spouse of an Armed Forces member listed as a POW or MIA for more than 90 days.

A 15-year fixed-rate VA loan must be used for your primary residence. It is an excellent tool for those looking to own their home outright in a short timeframe. Eligible properties include:

• Existing Single-Family Homes
• Townhouses or VA-Approved Condominiums
• New Construction
• Manufactured Homes
• Refinancing an existing mortgage into a shorter 15-year term

• Lower Interest Rates: 15-year terms typically offer lower rates than 30-year terms.
• Massive Interest Savings: Pay significantly less in total interest over the life of the loan.
• Faster Equity: Build ownership in your home at double the speed of a 30-year mortgage.
• 100% Financing & No Down Payment
• No Private Mortgage Insurance (PMI)
• No Prepayment Penalties

You can apply for a 15 Year Fixed Rate VA Loan with any participating mortgage lender. At application, you will need:

• Certificate of Eligibility (COE) via VA Form 26-1880.
• Proof of Military Service (DD214 or Statement of Service).

Yes. Many veterans use the VA Interest Rate Reduction Refinance Loan (IRRRL) to move from a 30-year fixed rate to a 15-year fixed rate. This allows you to take advantage of lower 15-year interest rates and shorten your debt obligation. If you have already paid off a prior VA loan, you can also have your eligibility restored to purchase a new home with a 15-year term.

• Higher Monthly Payments: Because the loan is compressed into 15 years, the monthly payment will be higher than a 30-year loan for the same amount.
• Less Purchasing Power: Due to higher monthly obligations, you may qualify for a smaller loan amount than you would with a 30-year term.
• Reduced Liquidity: More of your monthly cash flow is tied up in home equity rather than liquid savings.