Discussion in 'On Topic' started by EYOB, Sep 26, 2008.
Probably not, but just wanted to make sure. Figure, I'd get it for my father.
At this rate...nobody is
you can't get it for your father.
Well if he's living there...but yeah I get your point.
Just used mine for the first time. No way I was selling my mutual funds with the way the market is now.
I live with my father.
Former loan officer and Reservist/Guardsman here. Here's how it breaks down: Fed VA programs are available to you, but state ones you'll have to check with your state VA. In Wisconsin, the state VA program is not available to a Reservist/Guardsman unless you've done active duty time that is non-training (ie, some sort of deployment).
Hope that helps!
You might be able to do it.
I had no idea there was a State VA.
I've been Active 11 months and 22 days - not in training. I'll find out, to see if I can get some refinancing for my father.
You may also have to transfer the property into your name. I'm pretty sure any real estate you finance through the VA has to legally be yours. Also, there's rules in place about the use of those funds as well. I'm fairly sure (it's been 5 years since I've had to remember!) the funds have to be used for a purchase rather than a refinance. However, that may work out for you if your father is needing help. One way to approach this might be to be buying the home from your father. You'd have to consider it your personal residence, but then you're buying the property for yourself, that pays off his mortgage, and secures the property. Best bet is to check with a current loan officer... a regular one at a bank, not a broker. Brokers tend to really not give two shits about what you need, and the ones I've met aren't big on VA programs because they don't make as much on them.
Here's a link to the Texas Veterans Commission, for some more state info.