VA Now Offers Home Loan Options for National Guard Service Members
A recent update to VA home loan benefits has expanded home loan eligibility to US National Guard service members.
Certain members of the Army National Guard and the Air National Guard are now eligible to apply for VA home loan benefits when working towards purchasing a home.
Expanded VA Loan Eligibility in 2021
This change to the VA’s eligibility guidelines was brought about by the “Johnny Isakson and David P. Roe, M.D. Veterans Health Care and Benefits Improvement Act of 2020,” which expanded the definition of ‘veteran’ in terms of VA home loan benefits. As a result of this update, certain members of the US National Guard are now eligible for VA loan benefits.
New Eligibility Requirements for National Guard Service Members
Per the new, expanded requirements, members of the National Guard must meet the following requirements in order to qualify for a VA home loan:
- Must be a member of the US Army National Guard or the US Air National Guard
- Must have performed at least 90 cumulative days of full-time National Guard duty, with at least 30 of those days being consecutive
Full-time duty consists of training or other duties as a member of the National Guard of a US State or territory, Puerto Rico, or DC. They may be entitled to pay or may have waived pay from the US for their duty.
Full-time duty does not include inactive duty, monthly drills, or basic or initial training.
These new eligibility requirements apply to members of the National Guard who apply for a certificate of eligibility on or after January 5, 2021. It also applies retroactively, so current and former National Guard members, regardless of their dates of service, can apply as long as they meet the aforementioned requirements.
Additionally, those who may have been denied VA home loan benefits previously but now meet the newly established National Guard requirements may reapply and be reconsidered.
The VA Loan Application Process
A key component of the VA home loan application process is securing the Certificate of Eligibility (COE). This document provides proof that an applicant is an eligible veteran. You can learn more about VA home loans and the Certificate of Eligibility here.
In order to streamline the COE process and prevent delays, applicants can provide the following:
- Listing any active duty time served in block 9c of the application
- Providing copies of one or more of the following documents:
- DD Form 214, Report of Separation, showing active duty dates, types of discharge, and the authority under which the applicant was called to serve.
- DD Form 220, Report of Active Service, accompanied by orders for the same period.
- For National Guard members still serving on active duty: a current Statement of Service which identifies the National Guard member by name and social security number, and provides: (1) the date of entry for the current active duty period, and (2) the duration of any time lost (or a statement noting there has been no lost time). The Statement of Service should also specify the authority under which the National Guard member was called to serve. Generally, this is a document written on military letterhead and signed by the Commanding Officer.
- A copy of the retirement point statements, or NGB 23 Form, National Guard Bureau Retirement Credits Record, which includes one or more periods in which the National Guard member served on active duty
- Any other documents to support the activation may be submitted.
About New York VA Mortgages
For all the details you need about VA mortgages in New York, including information about how to apply, benefits, eligibility requirements and more, check out our Guide to VA Home Loans!
Wondering if a VA home loan is the right option for you? Find out why a VA loan is one of the best options mortgage available for those who have served our country.
Interested in applying for a VA home loan to finance your home purchase? We can help! Give us a call today at 518-782-1202 or contact us online to get the conversation started.