If you are a member of the National Guard, you may be eligible for a VA home loan. A VA home loan is a type of mortgage that is guaranteed by the US Department of Veterans Affairs (VA). This means that the VA will repay the lender if you default on the loan, making it a very low-risk loan for lenders.
There are a number of benefits to using a VA home loan, including:
No down payment required
Competitive interest rates
No mortgage insurance premium (MIP) required
Lenient credit score requirements
Flexible repayment options
To be eligible for a VA home loan, you must meet the following requirements:
You must be a current or former member of the National Guard with at least 90 days of active-duty service or six years of creditable service in the Selected Reserve or National Guard.
You must have a valid Certificate of Eligibility (COE) from the VA.
You must meet the lender’s credit score and income requirements.
To apply for a VA home loan, you will need to contact a VA-approved lender. The lender will review your application and credit history to determine if you are eligible for a loan. If you are approved, the lender will work with you to find a home that meets your needs and budget.
Here are some tips for getting approved for a National Guard VA home loan:
Make sure you have a valid COE. You can obtain a COE from the VA’s website.
Get pre-approved for a loan before you start shopping for a home. This will show sellers that you are a serious buyer and can afford the home you are interested in.
Have a good credit score. The minimum credit score required for a VA home loan varies by lender, but most lenders require a score of at least 620.
Have a steady income. Lenders will want to see that you have a steady income and can afford the monthly mortgage payments.
If you are a member of the National Guard and are thinking about buying a home, a VA home loan is a great option to consider. With its competitive interest rates, no down payment requirement, and flexible repayment options, a VA home loan can make homeownership more affordable for service members and their families.