Final answer:
A service-related disability is not required to obtain a VA loan. Eligible individuals must have an honorable discharge, a VA certificate of eligibility, and must be purchasing an owner-occupied residence.
Step-by-step explanation:
To obtain a VA loan, a service-related disability is not required. A VA loan is a type of loan that is guaranteed by the U.S. Department of Veterans Affairs for eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. To be eligible for a VA loan, an individual typically needs:
- An honorable discharge from a branch of the armed forces
- A certificate of eligibility from the VA
- The purchase of an owner-occupied residence
The intention of the VA loan program is to assist those who have served in the military with the opportunity to purchase a home without the burden of a large down payment, among other benefits. The history of the GI Bill and VA loan program highlights its influence on increasing homeownership and catalyzing economic growth post-World War II.