Financial Frontline for 1 August 2012

1. Hello! Below is the weekly Financial Frontline Information for 1 August 2012. This information is to
provide you- the soldier, airman, veteran, retiree, family member or supporter of our armed forces
financial readiness information. It does not replace the advice of your chain of command, your legal
counsel or financial consultant. It does however, supplement, issues the National Guard Bureau finds
important.
♪♪♪ Our house in the middle of the street.....♪♪♪
One thing about being a veteran (and one in good standing), is I am eligible for a VA Guaranteed
Home Loan. I‟ve had a conventional loan in the past and had no problems. This go around I opted
to use my military benefit from the VA and get a VA Guaranteed Home Loan. I‟m not in the real
estate business. In fact, I wonder why anyone would be. (And if you are in that profession, I think it‟s
wonderful, someone has to do it). But I am just not the type to walk in and out of folk‟s houses
wondering how you believe that your structure is worth $500,000 and the bedspread on your bed
looks like you stole it from Cheap-O Motel in 1976. I am too critical. I can‟t figure out what people
deem necessary to live their lives. A family of 5 may need 4 bedrooms. A family of 2 does not. That
is my take on it, hence, why I sit and type newsletters and vice becoming a real estate agent.
Many Service members and Veterans alike do not know what their VA benefit is in regards to VA
Guaranteed Home Loans. It‟s a wonderful money saving option for you and something if you are ever
going to buy a house or refinance something one should consider. First we must define what a VA
Home Loan is. No, the Veterans Administration (here on now called the VA), does not own your
home. VA Home loans are made by private lenders such as banks, saving and loans and mortgage
companies. VA Guarantees the loan to protect the lender against loss if the payments are NOT made.
So what can a VA home loan be used for? To buy a home would be a good start. You can buy a
condo, townhome or a co op. You can build a home; repair, alter, renovate and improve a home. You
can simultaneously buy and improve a home. You can refinance an existing home loan to reduce the
interest rate. Yes, you can also buy that manufactured mobile home and lot you‟ve always dreamed
about.
So what‟s the advantage? First and foremost equal opportunity of all qualified Veterans to obtain a
loan. Secondly, NO down payment (unless required by the lender or the purchase price is more than
the value of the home). Other things include, no mortgage insurance premiums, right to prepay
without penalty, assumable mortgages, and VA Assistance to Veteran bowers in default due to
temporary financial difficulty. Sounds good huh? Keep reading…
There are 8 easy steps to a VA Guaranteed Home loan. Yes, I know, nothing with the VA is easy. I
know, I use to work for them. But compared to most home buying experiences, give the VA some
slack. This really is easy.
1. Apply for a certificate of eligibility or have your lender apply on line. (www.va.gov)

2. 2. Decide on a home you want to buy and sign a purchase agreement condition on approval of
your VA home loan.
3. Select a lender, present them with your VA Certificate and complete a loan application.
4. Order an appraisal from the VA (this is usually done by the lender). The lender will request VA
assign a licensed appraiser to determine the reasonable value of the property. A notice of
Value will be issued.
5. The lender will let you know the decision on the loan. You should be approved if the
established value and your credit and income are acceptable.
6. Attend the loan closing. The lender or closing attorney will explain the loan terms and
requirements as well as where and how to make monthly payments. All relevant papers are
signed and a move in is done.
7. The lender applies to VA for an Evidence of Guarantee.
8. You invite me to your house warming party. 
Easy huh? Now the question is are you eligible?
According to the Department of Veterans Affairs here is their eligibility:
WWII: Sept 16, 1940 – July 25, 1947
Korean War: June 27, 1950 – Jan 31, 1955
Vietnam War: Aug 5, 1964 – May 7, 1975
Service Requirements: At least 90 days of active duty with anything but an dishonorable discharge.
If you have less than 90 days, you must be discharged for a service connected disability.
Gulf War: Aug 2, 1990 – to be determined
Service Requirements:
24 months continuous active duty
At least 90 days if called or ordered to active duty
At least 90 days of active duty and discharged for hardship or early out or for a compensable service
connected disability.
Less than 90 days of active duty if discharged for a service connected disability, involuntary reduction
in force, and certain medical conditions, for the convenience of the Government.
Service during Peacetime:
All: Jul 26, 1947 – Jun 26, 1950 & Feb 1, 1955 – Aug 4, 1964
Enlisted: May 8, 1975 – Sept 7, 1980
Officer: May 8, 1975 – Oct 16, 1981
Service Requirements:
At least 181 days continuous active duty
Less than 181 days of active duty if discharged for a service connected disability
Current Active Duty Personnel:
If you are now on active duty, eligibility can be established after 90 days continuous active duty.
Upon discharge or release from active duty, eligibility must be reestablished.
Selected Guard/Reserve:
If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or
National Guard (Member of an active unit, attended required weekend drills and two week AT) AND
Were discharged with an honorable discharge; or
Were placed on the retired list; or
Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected
Reserve after service characterized as honorable service; or
Continue to serve in the Selected Reserves.
NOTE: Individuals who completed less than 6 years may be eligible if discharged for a service
connected disability.

3. You may also be determined eligible if:
You are an un-remarried spouse of a Veteran who died while in service or from a service connected
disability; or
You are a spouse of a service person MIA or POW.
NOTE: Also a surviving spouse who remarries on or after attaining age 57 and on or after December
16, 2003, may be eligible for the home loan benefit. However a surviving spouse wh remarried before
December 16, 2003 and on or after attaining age 57, must have applied no later than December 15,
2004, to establish home loan eligibility. After December 15, 2004, VA must deny applications from
spouses who remarried before December 16, 2003.
Whew the list goes on… Eligibility can also be established for
 Certain U.S. Citizens who served in the armed forces of a government allied with the US in
WWII
 Individuals with service as members of a certain organization such as
o Public Health Service Officers
o Cadets as the U.S. Military Academies
o Midshipmen at the U. S. Naval Academy
o Officers of the National Oceanic and Atmospheric Administration
o Merchant seaman with WWII service
Now that you find out you‟re eligible how to you get your COE (Certificate of Eligibility)?
Once the VA determines you are eligible, a COE will be issued.
Eligibility applications can involve:
 An original determination of eligibility for the home loan benefit
 A request to replace a COE
 A request for restoration of the benefit after payment in full of a previous VA home loan
 Issuance of a certificate reflecting a current outstanding loan for refinance purposes
To request a COE on line contact: www.ebenefits.va.gov. Okay, I know, you don‟t own a computer
because you are saving up for a house right? Obtain a VA Form 26-1880 (Request for COE). You can
contact 1800-827-1000 and be connected to your local VA Office. They will mail you one. Once you
complete the form, include photocopies (NOT YOUR ORIGINAL. Let me repeat- do not send the VA
your original. Unless you never want it back send away! But if you are a normal service member, who
knows better, send them a copy of any discharge papers or any proof discharge/military service.)
Send the completed form and documents to the address on the form. Under normal circumstances, it
takes 10 days. That is 10 business days, not holidays, weekends, national disasters, weather related
closures or the VA representative‟s dog dying. Just be patient. Your world is not ending if you do not
receive this document in 5 days.
So now you know the eligibility and the basics. In our next newsletter we will go over the costs,
applying for a loan, specially adapted housing and information for our service members and veterans
who live on Native American Trust Lands.
In the meantime, if you have ANY questions, don‟t hesitate to contact the VA at 1-800-827-1000 or
you can drop me a line.
I want to thank my friends and Senior NCOs at the RRB, A Co 1st PLT with the NC ARNG for asking for
these tips to help their subordinate soldiers! This is how WE do it in the ARMY. Look out for each
other! Lead by example.

4. Check your Credit Score…… HAS BEEN EXTENDED!
In support of the National Guard Bureau, Financial Industry Regulatory Authority (FINRA),
FINRA Investor Education Foundation (which is part of FINRA) has once again provided us with
the opportunity to check our credit score and credit analysis free of charge. From now until
September 2012 , the new code is GAA8C3SU.
Go to http://apps.finra.org/myFICO/2/default.aspx and enter GAA8C3SU in the Financial Educator
Code box. Fill in all of the required info.
Remember, this is FREE. If there is a prompt to enter a credit/debit card number, it's the wrong place
on the wrong site. FINRA has provided this free access since July 2011. Many thousands of our Guard
members find this valuable.
Also, FINRA has sponsored various “How to” Video‟s. Members of the FMAP team were invited to
review these videos for content and applicability to the National Guard. They are great videos and
appreciate all that FINRA has done to support our Nations heroes. Check out their website to view
these videos at: http://www.saveandinvest.org/MilitaryCenter/P126000
THANK YOU FINRA and the FINRA Investor Education Foundation for this wonderful program and
supporting our service members! We are very fortunate to have such capabilities provided to our
military families!
Olympics National Guard Style…
There is nothing better than sitting in my little cubicle catching up on the Olympics in London. CW3
Wolf, MSG Smith and Darla watch it nightly. I do too, but I‟m impatient. I want to know who won
now. Not at 2300 hours. And why is that? Why must I wait till 2300 to see if the Women won in
Gymnastics? For goodness sakes, didn‟t they play at 1200 local time? Sheesh! I am what people in
the office call a spoiler. I will say random comments like “Phelps won his 17th; or that SGT at Benning
won the Marksmanship”. Usually that is followed by random things being thrown at me. I should find
my union representative or call my injury attorney. But after you sit and spend countless hours
watching these fine men and women represent this great nation of ours in gymnastics, basketball,
volleyball and synchronized swimming, you wonder, is that really gold and how much does that cost?
(And yes, men‟s synchronized swimming is really a sport. Men jump off high diving boards in unison.).
Moving on; back to the gold.
This year's Olympic gold medal is the heaviest in Summer Olympic history, but it's not exactly worth
its weight in gold. I will break down these fine coins, comparing by today's gold standards,
demonstrating their raw value, and showing what these beauties would be worth at auction.
The size and shape of the Summer Olympic medals have varied greatly over time, especially in the
early years before contemporary standards were in place. Here are a few examples.
London 2012: Thickness 7mm, Weight 400g.
Barcelona 1992: Thickness 9.8mm, Weight 231g
Stockholm 1912: Thickness 1.5mm, Weight 24g
Paris 1900: Thickness 3.2mm, Weight 53g

5. The last solid gold Olympic medal was handed out in Stockholm in 1912. Since then they‟ve been
made from sterling silver plated in gold and must meet a size requirement. Diameter 60mm; Gold
Plating 6g; Silver Content 92.5% Copper, 7.5%; all within a 3mm thickness.
Now mind you the price of gold changes daily. But as of today, if I were to win the Gold Medal this is
what it is worth: Total weight of 400g with 6 of 24K gold plus 394g of sterling silver equals $620.82.
Yep, all that hard work and years of blood sweat and tears all for $620.82. Now figure if you won the
gold if they were won today: Barcelona 1992 = $484.12; Stockholm 1912 =$1207.86; Paris 1900
$2667.36. Obviously sentiment goes a long way. Olympic gold medals are usually worth far more to
the public than they would be as a lump sum cash out payment. A 1980 US Hockey Gold Medal sold
in 2010 for $310,700. Yep, that hockey player must have been hard up for cash. Here‟s another. A
gold medal won by a 50 meter freestyle swimmer in 2000 sold for$17,100 in 2005.
Just food for thought…
Did you know?
The National Guard has a FMAP Face book Page! Search for us by “National Guard Financial
Management Awareness Program”. We look forward to being your FRIEND!
In lieu of some random trivia, I found it important to share with you those organizations that support
our Reserve and National Guard Military Members. Trivia will continue in our next edition.
The Department of Defense announced today the 2012 Secretary of Defense Employer Support
Freedom Award recipients.
The award represents the highest recognition given by the U.S. government to employers for their
outstanding support of their employees who serve in the National Guard and Reserve.
The 2012 recipients are:
Basin Electric Power Cooperative -- Bismark, N.D.
Caterpillar Inc. -- Peoria, Ill.
Citi -- New York, N.Y.
Crystal Springs United Methodist Church -- Crystal Springs, Miss.
Delta Airlines -- Atlanta, Ga.
Gary Jet Center -- Gary, Ind.
iostudio -- Nashville, Tenn.
Kalamazoo Department of Public Safety -- Kalamazoo, Mich.
L-3 Communications -- New York, N.Y.
Nyemaster Goode -- Des Moines, Iowa
Port of Seattle -- Seattle, Wash.
Siemens Corporation -- Washington, D.C.

6. Tennessee Valley Authority -- Knoxville, Tenn.
Uniform Color Company -- Holland, Mich.
Verizon Wireless -- Basking Ridge, N.J.
The Freedom Award was instituted in 1996 under the auspices of the National Committee for
Employer Support of the Guard and Reserve to recognize exceptional support from the employer
community.
More information about the Freedom Award is available at http://www.FreedomAward.mil or
by calling the Employee Support of the Guard and Reserve office at 800-336-4590
New General Trivia:
1. How many motion pictures did Chuck Norris film?
2. Chuck Norris was a ______ World Professional Middle Weight Karate Champion?
3. Who played Lt Dan in Forrest Gump?
4. Can you name 10 military movies?
5. What movie did I see in 1984 that enticed me redshirt Purdue University to join the military,
therefore giving up a complete athletic scholarship?
6. What movie is this quote from ““I love the smell of napalm in the morning. You know, one
time we had a hill bombed, for 12 hours. When it was all over, I walked up. We didn‟t find one
of „em, not one stinkin‟ dink body. The smell, you know that gasoline smell, the whole hill.
Smelled like…victory. Someday this war‟s gonna end…”?
7. What movie is this quote from “War is too important to be left to politicians. They have neither
the time, the training, nor the inclination for strategic thought.”?
You must answer at least 5 of them correctly to receive a booklet “A Salute to Smart
Investing” and some sort of National Guard memorabilia.
For questions, comments or complaints, don‟t hesitate to write us here at the National Guard. I strive
to answer everyone timely - I‟m human. Until next time…
Respectfully,
Jennifer
Jennifer Armstrong
National Guard Bureau
J-1/Family Programs
111 S. George Mason Drive
Arlington VA 22204
Jennifer.armstrong2@us.army.mil