I am currently serving in the Army reserves. I have been considering buying a home. I have looked for eligibility information about the VA loan and what I have found is not very clear to me. I have been in the service for about 2 and a half years so far, and I am not sure whether or not I HAVE to have been deployed for at least 90 days, and/or have served for at least 6 years in the reserves. I have not been deployed and I dont know if there is a certain time period that I must have served so far. Can anyone help me out?
2007-05-01 14:31:33 · 2 answers · asked by dmq383 2 in Business & Finance ➔ Renting & Real Estate
To qualify, you will need to have completed 181 days of active duty or 6 years of reserve duty
I have posted a link below to the VA website. It is to the form you need to complete to get your eligibility certificate. Once you have this form, you can call around to Financial Institutions to see if they do VA loans. There is little difference between them, as they will all process the loan at what ever VA loan rate is currently being issued.
I was going to post a second link to all of the local VA centers in the U.S, but the link is dead. Look in your phone book under the government sections for "Dept of Veterans Affairs" and give them a call. They will be able to direct you to the specialists that can answer your eligibility questions.
Good Luck!
2007-05-01 16:14:13 · answer #1 · answered by JJ 5 · 0⤊ 0⤋
I believe you must serve 180 day on active duty. Call any mortgage company that handles VA & FHA loans for a complete answer. There is a VA form #1880 that tells you how much time you need to serve. Also that was the form you would complete in order to receive your Certificate of Eligibiity. Check on line-Veteran Administration should have the info you need.
2007-05-01 14:45:42 · answer #2 · answered by Joyce W 1 · 0⤊ 0⤋