Once you close on a VA loan, you don't have to remain in the military to keep it. Most people get a 30 year loan anyway, so the VA is not under the impression you will be 'in' the entire loan in the first place. These people are just out sooner than they had planned, but the bank doesn't care. I hope they are able to sell the house or maintian their income to continue to pay the bills.
Just recently, a friend of ours got in trouble for drugs (spice). He just went in to the commander today to receive his punishment. He lost all of his stripes, has extra detail for 2 weeks, loses half a months pay for two months, and is pending discharge. Well, just within the month before all of this went down, him and his wife got a VA loan for a house and just closed on it a couple days ago. I asked him if getting in trouble and getting an other than honorable discharge would effect their VA loan and he said no, but I've heard otherwise from some other people. I was just wondering if anybody knew anything about this. He said since he already closed on the house and got the loan that him getting in trouble now doesn't matter as far as being able to use the VA loan. Is this true or not? I would really hate to see them get all excited and ready to move then find out that he was wrong and that his VA loan is being stripped from him.
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