VA loan, reserve member who did not serve active duty time

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VA loan, reserve member who did not serve active duty time

Ryan L Grinstead
Realtor · Columbus, OH · Member since 2017 · 27 posts · 10 votes

Hello all,

Long story short my reserve contract was up and I moved on from the military. I did not deploy or serve active duty time beside technical training and did not receive a dd214 when I left. I am having trouble finding the documentation I need and get the run around when I try to get help from the VA.

Here is what I have

DD214 from when I got out of basic training and tech school.

The documents from when I separated and show I was in good standing.

Do i need additional documents to get a VA loan?

Is this all a lender would need?

I served in the reserves for 6 years.

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  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    7y

    I'd just check with your lender....they're going to be the decision maker.....you can get prequalified now.

    VA is typically not the most cost friendly loan to get....so if you can qualify for something else, it might work better for you. It does allow for zero down...but you have the funding fee which is expensive.

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  • Frank Geiger
    Rental Property Investor · NC · Member since 2018 · 776 posts · 776 votes
    7y

    Yes you do! The funding fee is a bit different from active duty.

    Eligibility (scroll down to reservist) -
    https://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp 

    Funding fee (slightly different for reserves/Guard) https://www.benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf

    As you can see, first time use is 2.15% for AD and 2.4% for reserve/guard. Further uses of the loan follow suit.

    1Reply
  • Ryan L Grinstead
    OP
    Realtor · Columbus, OH · Member since 2017 · 27 posts · 10 votes
    7y

    @Frank Geiger thank you! Is the funding table by state or is that standard across the board.

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