Q: I have been out of the military since 1979. My question is can I still use my GI Bill to purchase a home?

A: Yes you can. The VA's Home Loan Guaranty program is one of your veterans’ benefits applying to:

• active duty servicemembers
• active duty veterans discharged after September 16, 1940, with an other than dishonorable discharge
• certain groups of Reservists and National Guard veterans
• spouses of certain deceased veterans
• Reservists and National Guard members on active duty orders

When you refer to purchasing a home, the VA Home Loan Guaranty program also applies to:

• buying a stick-built home, a manufactured home, or a condominium
• buying a lot for a manufactured home
• building, repairing, or improving an existing home
• refinancing an existing home loan

The advantage of a VA-backed home loan is:

• little or no down payment
• competitive interest rates at private lending institutions
• eliminating the need for private mortgage insurance

To apply for a VA-backed home loan, you first need a Certificate of Eligibility. This tells your lender you are eligible for the Home Guaranty loan program. To get your certificate, you can either:

• have your lender get your certificate for you
• request your certificate yourself through the VA's secure Website
• fill out VA Form 26-1880 (veteran/servicemember) or VA Form 26-1817 (surviving spouse) and send it to the Loan Eligibility Center

Financing a home by using a VA Home Loan can save you thousands of dollars over the life of the loan. It is one of your veterans’ benefits you earned--now use it.