Veteran Loans and other military loans have different requirements for approval. If you have gone through the different offers, you may have found some loan conditions that refer to peacetime and wartime. These categories may vary according to the lender or government agency but there are some general time spans you can take into account to know in advance what the different periods mean.
Why are these two concepts important? Because the time requirements for approval on veteran and military loans that are subsidized differ when the applicant has serviced during peacetime or during war. Peacetime periods of time require the applicant to show proof of longer terms on active duty. And in order to know in which category you fall, you need to understand which periods of time correspond to wartime and which ones correspond to peacetime. Following is a tentative timeline:
World War II (Wartime)
There is a wartime period that corresponds to the world war II starting on September 1940 and finishing on July 1947. There may be small variations of this time spectrum according to the different lenders though.
Post-World War II (Peacetime)
There is a peacetime period that comes after the end of world war II and extends from August, 1947 till June, 1950. As with the above wartime period, the term may change and you should contact the specific lenders in order to know the time spam that is actually considered for approval.
Korean Conflict (Wartime)
Following the post-world war II peacetime period, the Korean conflict was significant and long enough for lenders to consider it a wartime period too. This term starts on July 1950 and extends to February 1955.
Post Korean Conflict (Peacetime)
After the Korean conflict, a new peacetime period is registered and lasts till the Vietnam war. It begins on February 1955 and lasts till August 1964. It is important to note that there were minor conflicts during most peacetime periods and some lenders take those conflicts into account too.
Vietnam War (Wartime)
Vietnam war is of course a wartime period that reduces the time requirements for approval of Veteran Loans and other subsidized military loans. It starts on August 1964 and lasts till May 1975. However, for those who where stationed in Vietnam before the conflict, the period can start on February 1961.
After the Vietnam War a new peacetime period begins that includes the cold war and many minor conflicts. It starts on May 1975 and lasts till the Gulf War starts on August 1990. Bear in mind though, that the many minor conflicts that took place during this period can be considered wartime by some lenders too.
Gulf-War Period (Wartime)
The last period starts with the Gulf War on August 1990. Some consider it ended and a new period started on 2001 but in most cases the end of this particular period is undetermined. Therefore, there is no unique reference for Veterans or military personnel. You need to find out with the particular lenders whether the situation that triggers eligibility (disability, discharge, etc.) occurred during a wartime or peacetime period.