View Full Version : Home Loan Guaranty for Reserve Service
Hello
I apologize if this question belongs in the Poolee Hall since I am not yet a Marine, but my wife has a question that my recruiter is having trouble answering. He told my wife that after 6 months of part time service in the USMC Reserve that we would be eligible to use the VA benefit for a home loan guaranty certificate. I am not an expert but the information that I read from the VA website seems to say that is only for Active Marines. Since this is a benefit of big importance to her I would like to try to get a solid answer on when as a Reserve Servicemember we would be eligible for that benefit. She is being much more supportive than I expected her to be while we are considering this decision, so I really want to get this answer for her. Thank you.
FLRULZURSHPSCKS
10-09-08, 01:35 PM
I googled it and got this http://www.homeloans.va.gov/eligibility.htm if that doesn't help find a number and call. You usually get better answers talking to someone. Just ask them about "part time Marines" getting the loan.
thewookie
10-09-08, 02:13 PM
Hello
I apologize if this question belongs in the Poolee Hall since I am not yet a Marine, but my wife has a question that my recruiter is having trouble answering. He told my wife that after 6 months of part time service in the USMC Reserve that we would be eligible to use the VA benefit for a home loan guaranty certificate. I am not an expert but the information that I read from the VA website seems to say that is only for Active Marines. Since this is a benefit of big importance to her I would like to try to get a solid answer on when as a Reserve Servicemember we would be eligible for that benefit. She is being much more supportive than I expected her to be while we are considering this decision, so I really want to get this answer for her. Thank you.
That piece of paper isn't worth much, these days. And I bet it isn't out there, or not offered for a reservist, I might be wrong but I betcha. The whole thing is a guarantee so if you ever get foreclosed on, that the government guarantee's the lender or bank up to $36,000. Most banks don't accept it unless it's done with a VA loan. It isn't worthless, but you still have to qualify for the mortgage, it's not a down payment assistance loan type of thing. It is however, sometimes sold that way. It's only a guarantee or type of insurance on your behalf. Years ago it meant something today it's only good in conjunction with a VA loan, and that's another can of worms and a lot more hassles then what it's worth.
Don't join for a loan insurance certificate,, join to be a US Marine.
rvillac2
10-09-08, 02:51 PM
According to the currently published eligibility guidelines, you need to be on active duty for 181 days (6months) before you're eligible for a VA loan. During the Gulf War, this was reduced to 91 days, and I imagine sometime in the future, they will incorporate the GWOT into the rules. However, if you're Boot Camp + MOS school time does not add up to 181 days, you will not qualify immediately.
Reservists must serve honorably and satisfactorily for 6 years before becoming eligible. However, in this war, a Reservist is very likely to get involuntarily activated and serve for the 181+ days on a deployment.
You can tell your wife that the benefit is there, but as my fellow Sergeant said, don't join just because of this benefit.
And don't call us Part Time Marines.
rvillac2
10-09-08, 03:11 PM
And for all you young veterans out there, it doesn't hurt to get this form filled out and submitted now. All too often, when people think about utilizing the VA, they have lost track of their service documentation. You can do it now and receive the eligibility documents so you can use anytime in the future.
This is not just for VA loans. This documents your eligibility for every VA program that you would qualify for.
thanks for all the information
rvillac, thewookie:
VA benefits would never entice me to join any branch of service. I can't even begin to put into words why I want to be a Marine. Since my sophmore year of high school (9 years ago) I have had to fight back tears every time I see a set of Dress Blues. ...and that's the closest I can ever come to telling anyone why. My wife wanted to be 100% sure about that benefit, not because it would make or break the deal for her, but just because she was very interested in it.
Thanks again