Did you know that families of eligible Reservists and National Guard members can finance a home with a VA loan? Many Reservists and Guard members have VA home loan entitlements similar to regular military members. Understanding the basics can help you get the most from your VA loan benefits.
VA mortgages for Reservists/Guard families are made by the same VA-approved lenders and have the same backing by the federal government. The government guarantee eliminates the need for a down payment, and VA loans don’t have monthly mortgage insurance premiums.
Eligible Reservists and National Guard members can get a zero-down VA loan for up to $417,000 and even higher in some counties with more expensive housing. Credit and income will determine how much you can afford to borrow.
To become eligible for VA home loan benefits, Selected Reservist or National Guard members must serve for 6 years AND must be:
- Currently serving, or
- Honorably discharged after six years, or
- On retired list after six years, or
- Transferred to Standby Reserve after honorable service after six years, or
- Have a service-connected disability if less than six years of service are completed
VA loans are hard to beat when it comes to relaxed qualifying, no money down, and favorable loan terms. For more information about VA loans for Reservist and National Guard members contact a VA Loan Professional.
Ashleigh Downing is the Social Media Director for iFreedom Direct. She has been working with and writing about veteran’s benefits and issues for the past three years.
iFreedom Direct is a top national VA lender that specializes in assisting active members and retired veterans of the Armed Forces with VA loans.