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.
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.
Per the new, expanded requirements, members of the National Guard must meet the following requirements in order to qualify for a VA home loan:
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.
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:
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.