Changes in VA home loan program expand eligibility for National Guard
Story by Bill Pierce, Ohio National Guard Public Affairs
COLUMBUS, Ohio (12/02/21)
Current and former National Guard members now have a much better chance of qualifying for a U.S. Department of Veterans Affairs-backed home loan, thanks to recent changes made to the VA Home Loan Guaranty Program.
A new law expands the definition of veteran for the purpose of a home loan to include National Guard members who have mobilized for full-time duty. The update has been made retroactive for prior members, regardless of service dates.
A new law expands the definition of veteran for the purpose of a home loan to include National Guard members who have mobilized for full-time duty.
Here are the new requirements for Guard members to qualify for a VA home loan:
• Mobilized to perform full-time Guard duty for at least 90 cumulative days, with 30 days of that service being consecutive.
• Full-time National Guard duty includes training or other duty in the member’s status as a member of the National Guard (not including drills, basic training or initial training).
Michael Magnusson, transition assistance advisor for the Ohio National Guard, said the most recent change to the home loan program was long overdue.
“Expanded eligibility for the VA Home Loan Guaranty is a fundamental step forward in recognition of National Guard service,” Magnusson said. “Making the new eligibility criteria retroactive, hopefully puts a smile on the faces of our Ohio National Guard members and Families.”
If a National Guard member was previously denied a Certificate of Eligibility for a VA-backed home loan, due to either a lack of consecutive active duty days or the days included training, then interested Guard members should contact a VA mortgage lender in their area to see if they now qualify.
Advantages of a VA home loan include $0 down payment and no private mortgage insurance, better known as PMI.