Bruce is a wonderful resource for VA Loan information. I've recommended his tips to a few different families relocating to the Fort Bragg NC area, near Raleigh!
Here are some great quick facts on applying for a VA Loan.
Remember, a VA Loan can be combined with the "Stanton Homes for Heroes" military discount program.
Our quiz this week was all about who is eligible for a VA home loan and when. Because the rules for VA home loan eligibility differ according to whether you're active duty, Guard or Reserve, or a surviving spouse of a military member, applying for a first time VA home loan can be a bit confusing at first. Our quiz is designed to take some of the mystery out of VA loan eligibility.
1. I recently enlisted to go active duty Air Force/Army/Navy/Marine Corps. When can I use my VA loan benefit?
The correct answer to this one is C) Once you have served for on active duty for 90 consecutive days. That's the eligibility requirement for applications in times of war. In peacetime, the requirement changes to 181 consecutive days on active duty. You can get more details on VA loan eligibility here.
2. First-time VA loan applicants must:
A) Apply for VA loan eligibility online
B) Apply for VA loan eligibility through a lender
C) Apply for VA loan eligibility by U.S. mail
D) Any of the above
All the above answers are correct--you can apply for a Certificate of Eligibility online, by mail or have your lender help you.
3. Reservists and National Guard members who have never served on active duty are:
The correct answer to this question is B). Guard and Reserve members are required to serve for at least six years before applying for VA loan eligibility.
4. Surviving spouses of those who died on active duty are:
C) Allowed to apply for VA loan eligibility but must apply by mail only. This requirement makes applying a bit less convenient than for military members themselves, but at least the surviving spouse does have the option available.
5. True or False: veterans who have left the military have the same proof of service requirements as those who are still on active duty.
The answer to question five is FALSE. Active duty members must supply a letter signed by their current unit commander or designated representative, while those who have left the military must furnish a copy of their DD Form 214, which shows the member has been discharged from active duty.