Personal Loan Programs

The Personal Loan Program (PLP) can be used for any purpose. With optional repayment terms the PLP is flexible to better meet your needs.

Requirements

• Applicants must meet basic credit and underwriting standards.

• Loan must be secured by a mortgage on the applicant’s property or with a guarantor.

• Applicant must have at least 10% equity remaining in the property. (This means the value of the property is at least 10% higher than the total of the existing mortgages including the PLP.)
  
  To determine the minimum value needed, add all existing mortgages plus the proposed PLP loan and divide by 0.9.
  
  To determine the value of the property, WDVA uses the equalized assessed or fair market value, as shown on the property tax statement. The applicant may choose to submit a recent real estate appraisal by a licensed professional.

Eligibility

• Veterans must meet military service and state residency requirements set by the State Legislature.

• Spouses of deceased veterans, who have not remarried, may also qualify.

• Dependent children may qualify (adult children must be under 26 years old and attending school full time).

• A remarried spouse or parent of a veteran’s child may qualify if the loan is used for the child’s education.

Applications for the loans are made through a county veterans service office.

To apply for or obtain more information about benefits, contact your local CVSO.