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VA loan for army reserves

I'm currently in the Army Reserves and I was wondering if I qualified for a veteran's loan. I've been serving for the past three years and am looking to move into my own place. Anyone know if I have to be active duty to qualify for a VA? by jordan_757_512 from Midland, Texas. Nov 29th 2011 Reply


Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

Hi Jordan. To qualify for VA you would have to be in the Reserves for 6 years, UNLESS you have been deployed. You can see more info at VALoansFast.com

Nov 29th 2011
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DOUG CAPPS (DOUG CAPPS)
#1 ranked lender in Mississippi - 203 contributions

Hi Jordan,There are a few variables with eligibility. Here's the website link that will be able to answer your question: http://www.benefits.va.gov/homeloans/elig2.aspThank you for your service!

Nov 29th 2011
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Jeff Cost (midwestlender)
#40 ranked lender in Ohio - 164 contributions

Thanks for your service. VA Loans definitely have their place but you may find that there are better and less expensive loans that will serve your needs after speaking with a loan officer. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Nov 29th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

Generally, you need 6 years as a reservist to qualify. But VA is not the only loan product out there... FHA offers 3.5% down, HomePath offers 3% down, and USDA offers 0 down. contact a local mortgage broker not a bank and apply with them.. they can look at your complete scenario and match you up with the right lender... WilliamAcres.com

Nov 29th 2011
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Korene Clopine-Seaman (korene)
#2 ranked lender in Arizona - 87 contributions

You are eligible for VA home loan veteran benefits if you: Served in: Army, Navy, Air Force, Marines, Coast Guard, National Guard or Public Health ServiceActively Served 90 Days Minimum or 181 Days During PeacetimeHonorable DischargeGeneral Discharge (under honorable conditions)Served after September 16, 1940Plan to use home for your Primary ResidenceSpouse, Widow or Widower One Of The Above May Also Qualify You May Also Be Eligible If One Of The Following Applies To You: You were discharged for a service-connected disabilityYou were discharged for the convenience of the government after completing at least 20 months of a 2-year enlistmentYou completed not less than 90 days (any part during wartime) or 181 continuous days (peacetime), and o were discharged because of a hardship, oro were determined to have a service- connected compensable disability, oro were discharged or released from active duty for a medical condition which pre-existed service and has not been determined to be service-connected, oro received an involuntary discharge or release from active duty for the convenience of the Government as a result of a reduction in force, orwere discharged or released from active duty for a physical or mental condition not characterized as a disability and not the result of misconduct but which did interfere with your performance of duty You are an un-remarried spouse of a veteran who died while in service or from a service connected disabilityYou are a spouse of a serviceperson missing in action or a prisoner of war.Certain United States citizens who served in the armed forces of a government allied with the United States in World War II.Individuals with service as members in certain organizations, such as Public Health Service officers, cadets/midshipmen at service academies, officers of National Oceanic and Atmospheric Administration, merchant seamen with WWII service, and others. Members of the Reserve or National Guard A veteran, who is not otherwise eligible, who completes a total of 6 years as a member of the Selected Reserve (need not be ordered to active duty) is eligible if he or she either: received an honorable dischargewas placed on the retired listwas transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service in the Selected Reserve characterized as honorablecontinues to serve in the Selected Reserve The 6 years service need not be continuous nor in the same Reserve or National Guard unit. However, active duty regular military service cannot be combined with Reserve service to reach the 6 year requirement.

Nov 29th 2011
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Joshua Crater (Rate1st.com)
#204 ranked lender in California - 47 contributions

I believe this is the info you are looking for..General Rules for EligibilityMilitary Service Requirements for VA Loan Eligibility:Note: Applications involving other than honorable discharges will usually require further development by VA. This is necessary to determine if the service was under other than dishonorable conditions.Wartime -- Service During:WWII: 9/16/1940 to 7/25/1947Korean: 6/27/1950 to 1/31/1955Vietnam: 8/5/1964 to 5/7/1975You must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.Peacetime -- Service during periods:7/26/1947 to 6/26/19502/1/1955 to 8/4/19645/8/1975 to 9/7/1980 (Enlisted)5/8/1975 to 10/16/1981 (Officer)You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.Service after 9/7/1980 (enlisted) or 10/16/1981 (officer)If you were separated from service which began after these dates, you must have:Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, orCompleted at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early Out), or have been determined to have a compensable service-connected disability;Been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.Gulf War -- Service during period 8/2/1990 to date yet to be determinedIf you served on active duty during the Gulf War, you must have:Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, orCompleted at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, orBeen discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.Active Duty Service PersonnelIf you are now on regular duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.Selected Reserves or National GuardIf you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) andWere discharged with an honorable discharge, orWere placed on the retired list, orWere transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service, orContinue to serve in the Selected ReservesIndividuals who completed less than 6 years may be eligible if discharged for a service-connected disability.You May also be determined eligible if you:Are an unremarried spouse of a veteran who died while in service or from a service connected disability, orAre a spouse of a serviceperson missing in action or a prisoner of warNote: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.Eligibility may also be established for: Certain United States citizens who served in the armed forces of a government allied with the United States in WW II.Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and othersContact InformationTo contact the Eligibility Center, you may call us toll free at (888) 244-6711 (select menu options 1, 1, then 2).

Nov 29th 2011
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

You are not presently able to receive your COE for the purpose of applying for a VA Guaranteed Home Loan as stated by several previous answers. If your intent was to buy a home with no money down, you could apply for a USDA home loan so long as you buy out toward Gardendale, Stanton, Pleasant Farms, essentially the outskirts of Midland. You must also be aware that USDA has an income limit and for a one member household would be capped at $46,200 with a direct USDA RD Home Loan. Don't lose sight of the American Dream of Homeownership that you have vowed your service to this country. God Bless!

Dec 2nd 2011
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