MIL Are reservists eligible for VA Home Loans ??

Discussion in 'On Topic' started by EYOB, Sep 26, 2008.

  1. EYOB

    EYOB Guest

    Probably not, but just wanted to make sure. Figure, I'd get it for my father.
     
  2. TRN

    TRN OT Supporter

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    At this rate...nobody is :noes:
     
  3. thekinggovernor

    thekinggovernor Well-Known Member

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    you can't get it for your father.
     
  4. I-am-Ryan

    I-am-Ryan Trevor Siemian is so dreamy OT Supporter

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    Well if he's living there...but yeah I get your point.

    Just used mine for the first time. No way I was selling my mutual funds with the way the market is now.
     
  5. Burrito10

    Burrito10 New Member

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    No shit? :hs:
     
  6. EYOB

    EYOB Guest

    I live with my father.
     
  7. PumpScout

    PumpScout New Member

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    Former loan officer and Reservist/Guardsman here. Here's how it breaks down: Fed VA programs are available to you, but state ones you'll have to check with your state VA. In Wisconsin, the state VA program is not available to a Reservist/Guardsman unless you've done active duty time that is non-training (ie, some sort of deployment).

    Hope that helps!
     
  8. I-am-Ryan

    I-am-Ryan Trevor Siemian is so dreamy OT Supporter

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    You might be able to do it.
     
  9. EYOB

    EYOB Guest

    I had no idea there was a State VA. :o

    I've been Active 11 months and 22 days - not in training. I'll find out, to see if I can get some refinancing for my father.
     
  10. PumpScout

    PumpScout New Member

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    You may also have to transfer the property into your name. I'm pretty sure any real estate you finance through the VA has to legally be yours. Also, there's rules in place about the use of those funds as well. I'm fairly sure (it's been 5 years since I've had to remember!) the funds have to be used for a purchase rather than a refinance. However, that may work out for you if your father is needing help. One way to approach this might be to be buying the home from your father. You'd have to consider it your personal residence, but then you're buying the property for yourself, that pays off his mortgage, and secures the property. Best bet is to check with a current loan officer... a regular one at a bank, not a broker. Brokers tend to really not give two shits about what you need, and the ones I've met aren't big on VA programs because they don't make as much on them.

    Here's a link to the Texas Veterans Commission, for some more state info.
    http://www.tvc.state.tx.us/
     

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