Page 4 - Newsletter Jul 2018
P. 4

•   6 years for Reservists and National Guard members
           •   90 days active duty during wartime
           •   181 days active duty during peacetime



       SEVEN UNIFORMED SERVICES HAVE VA HOME LOAN BENEFITS
       When most people think of VA loan eligibility, several military branches may come to mind. But did you know there are seven
       uniformed branches that have home loan benefits? These include:


           •   Army
           •   Navy
           •   Air Force
           •   Marines
           •   Coast Guard
           •   National Oceanic Atmospheric Administration (NOAA)
           •   Public Health Service (USPHS)


       For commissioned officers of NOAA and the USPHS, you may have access to VA loans. Please check the VA website for
       more information.


       RESERVE/NATIONAL GUARD MEMBERS CAN EARN ELIGIBILITY TOO

       Weekend warriors are also eligible for VA loans. If you are currently serving your country in the Reserve or National Guard,
       you are eligible for this great benefit after 6 years of service. No longer active duty? Not necessarily a problem. During the Iraq
       War a great number of Reservists were deployed to active duty. If you were, you could be eligible under active duty wartime

       (90 days or period ordered) rules.  Here's how the Reserve and Guard members can typically earn eligibility:

           •   Six Years of Service, and
           •   Discharged honorably, or
           •   Placed on retired list, or
           •   Transferred to Standby or Ready Reserve after honorable service, or
           •   Continue to serve in Selected Reserve


       Again, be sure to check the VA website for more information.


     YOU CAN EARN BENEFITS FASTER BY SERVING ON ACTIVE DUTY

     If you're on active duty, or called up for active duty service, you may be on the fast track to earning your home loan benefits.
     (Requirements vary for periods.) Here is a summary of active duty requirements:

             •   90 continuous days for active duty service members
             •   90 days of active service for current Guard and Reserve service members
             •   90 total days for wartime Veterans until 05/07/1975
             •   181 continuous days for peacetime Veterans until 09/07/1980 (10/16/1981 for officers)
             •   At least 181 days or full call for peacetime Veterans 09/08/1980 – 08/01/1990 (10/17/1981 beginning date for
                officers)
             •   At least 90 days or full call for Gulf War Veterans 08/02/1990 - present


     Determining your own eligibility can seem complicated. If you need help, contact a lender that specializes in serving veterans.



                                                                                                                     4
   1   2   3   4   5   6