Are members of the Air Force reserve qualified for VA home loans?
Also what is the difference between a VA home loan and a traditional loan?
- Anonymous1 decade agoFavorite Answer
To qualify for the VA home loan you have to have either 180 days of continuous active duty or have six years of Guard/Reserve status without being mobilized.
Basically, what it does is enable you to get a loan with the option of no down payment and the VA will guarantee a portion of the loan to whatever bank you get your loan from, thus limiting the bank's risk. By reducing their risk, they are more likely to give you a more favorable interest rate.
There are many other details that your unit can help you with. If you are working on buying a house, your bank should also have some familiarity with the VA home loan program, as it is fairly common.
I used it, it's helpful, but I don't know more about it because most of the paperwork was done by my wife while I was in Iraq last year.