My wife is prior military and we were wondering if we qualify for a VA Loan. The lender sent a request for a Certificate of Eligibility, but said it can take up to 2 weeks before we find if we qualify.
So, since we hate waiting we were hoping to see if any experienced people may be able to fill us in?
My wife's certifcate of release basically says this...
Date entered AD This Period: 2/28/2003 Separation Date This Period: 1/14/2005 Net Active Serice This Period: 1yr 10mon 17days Discharged under Honorable Conditions (General)
Marine52014-04-29T11:48:33Z
First you have the Discharge backwards...
It is a "GENERAL" Discharge... The Character of Discharge is "Under Honorable Conditions"... but is NOT the Discharge...
Which means that she received an "Involuntary Separation" and NEVER Completed Her Enlistment Contract...
Depending upon the RE Code and Separation's Code they will tell you how bad it was...
Be Advised that ALL Military Benefits are based upon your Completing your Enlistment Contract and receiving an "Honorable Discharge"... Anything Less is a Punitive Discharge... Which results in Loss of Benefits... (You Play You Pay...)
So with keeping that in mind... Doubt if you will Qualify for a "Certificate Of Eligibility" from the Dept. of VA !!!! As you Never Earned it !!!!
It's not possible to say with certainty that she's eligible. There is a 24 month rule for anyone who joined on the date that you listed, however that is reduced to 90 days if she was called to active duty and fulfilled the entire commitment that she was called up for.
She should apply for the C of E and see what happens.
I am a vet with a VA loan. Based on what you provided, the answer to your question is 'YES'. You qualify for a VA loan. For eligibility requirements go here http://benefits.va.gov/homeloans/purchaseco_eligibility.asp For info on how much you can get try http://benefits.va.gov/homeloans/purchaseco_loan_limits.asp Make sure all the websites you visit have dot VA dot GOV at the end or you may be scammed.
We the VA, you can purchase without a down payment and possibly finance your closing costs. I purchased a home with no down and no out of pocket costs. With my credit score, my Fixed 30year mortgage came in at three percent.
If you can post a question here, you can find all your answers about veterans benefits right here http://www.benefits.va.gov/benefits/
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