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Can I Get a VA Loan as a National Guard or Reservist?

National Guard and Reservist VA Loan Eligibility
Veteran With Family

Can I Get a VA Loan as a National Guard or Reservist?   

You’ve served your country as a member of the National Guard or a Reservist. Thank you! Now you want to know if you’re eligible for the same benefits as other Veterans. Can you get a VA Loan? Depending on how long you’ve served and your duty status, you likely can. Here’s what you need to know:

All honorably discharged Reserve and National Guard members are potentially eligible for VA home loan benefits to purchase or refinance a primary residence.1

How to Qualify for a VA Loan as a National Guard or Reservist   

As a National Guard member or Reservist, you are eligible for a VA home loan if2:

  • You completed at least 90 days of honorable service between August 2, 1990 and now
  • For any other time period, you must have completed six years in the Selected Reserve or National Guard, and you:
    • Were discharged honorably, 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, or
    • Continue to serve in the Selected Reserve

If you don’t meet these requirements, you may still be eligible for a VA loan if you were discharged for one of these reasons:

  • Hardship, or
  • The convenience of the government (you must have served at least 20 months of a 2-year enlistment), or
  • Early out (you must have served 21 months of a 2-year enlistment), or 
  • Reduction in force, or
  • Certain medical conditions, or
  • A service-connected disability

If you are a National Guard member or Reservist and do not qualify for VA home loan benefits, you may still be eligible for loans insured by the Federal Housing Administration.

Why Choose a VA Loan as a National Guard or Reservist?

Like others who have served their country well, you deserve the thanks of a grateful nation. VA Loans are a small way the U.S. government says thank you. They are insured through the US Department of Veterans Affairs and offer you advantages that other mortgages might not, including:

  • Competitive Interest Rates
  • No Money Down
  • No Private Mortgage Insurance3
  • More lenient credit scores (typically 620 or above)

VA Loans are designed to help you achieve the dream of homeownership in a way that is practical and affordable.

Basic Requirement for a VA Loan as a National Guard or Reservist

As a National Guard or Reservist, you will need to meet these requirements to obtain a VA home loan:

  1. Obtain a Certificate of Eligibility (COE). You can apply for a COE online, or to apply by mail, fill out a Request for a Certificate of Eligibility (VA Form 26-1880) and mail it to the address listed on the form
  2. Meet the lender’s standards for your credit score, income and home appraisal
  3. Plan to live in the home you are buying with the loan

Would you like to learn more about how to obtain a VA home loan? Turn to the dedicated loan team at NewDay USA. We are a nationwide VA mortgage lender focused on helping active military personnel, Veterans, and their families achieve their financial and housing goals. Call us today at 800-230-6141 to learn more about any of our VA home loan products.

 

1 https://www.va.gov/opa/publications/benefits_book/benefits_chap06.asp

2 https://benefits.va.gov/BENEFITS/benefits-summary/SummaryofVANationalGuardandReserve.pdf

3 Borrowers are required to pay a VA funding fee that can be paid up front or rolled into  the cost of the mortgage and may increase your monthly payment