A. Honestly I don't think there is any such thing.
Do you have to be active duty to recieve a VA home loan?
Q. I was researching VA loans and got confused. Do you have to be currently active duty to recieve a VA home loan, or can you be out but still in the reserves?My husband has been Active duty during wartime for 3 years been deployed to a warzone for a year, but we want to be able to buy a home when we're out of the military.
A. Actually, you can either be Active Duty or a Veteran.
The VA Loan Guaranty program is not a loan program. The basis of it is this:
1st - File for the Certificate of Eligibility. (Note: If filing while active duty but not used until after released, he will need to file again. An active duty eligibility does not carry over to veteran status.)
2nd - Seek out a realtor or home you wish to buy.
3rd - Let the realtor and/or bank know that you wish to pursue a VA Loan Guaranty.
4th - Depending on who the bank/lender is will depend on where to go after that. but it's pretty much invisible to you. meaning the bank/lender will do everything.
5th - The VA will notify the bank/lender what you're qualified for and the bank/lender will let you know if there's any money due at closing and the closing date. (If accepted for the loan.)
The VA will "Guarantee" the loan to the lender. Meaning, if you find a home for $100,000 and the VA 'guarantees' $50,000 then if you default on the loan, the lender is guaranteed to $50,000 from the loan. Of course, you still owe the remainder of the loan to the lender and you now owe $50,000 to the VA. but, that's ONLY if you default on the loan.
Depending on your credit scores, it can be cheaper to not use the VA. Some lenders will charge more interest rate because there's not as much being put down as a down payment. Make sure you look at both sides of the issue, not just the VA.
I am active duty and trying to start the process to get a VA Loan. Where do I begin?
A. Simply contact the Best VA Loan Specialist's in the country and they will be able to help you regardless of where you are looking. They will be able to answer all of your questions and concerns and likely save you lots of time and money.