Serving in the military can be accompanied by numerous perks as well as hardships. One of the most notable perks for servicemembers is access to a VA mortgage loan.
Individuals who served in the National Guard and the reserves also have access to these affordable home loans as long as certain requirements are met.
The primary rule for veterans of the National Guard and reserves to qualify is that they served in their program for a minimum of six years. This means that they must have been in active service and participated in weekend drills as well as an annual two-week training requirements.
Additionally, Guard and Reserve members can also qualify for a VA mortgage loan if they completed at least 90 days of active service in either the Gulf or Iraq wars. Meanwhile, if a service member was discharged at any point during the 90-days period due to a service-related injury, a qualifying hardship or other unavoidable circumstance, they can still qualify.
However, individuals who served in either position who were dishonorably discharged will not be able to qualify for a VA mortgage loan.
Qualifying for a home loan is a major step in your personal finances. Freedom Mortgage is here to keep you up-to-date on the latest tips and tricks of the mortgage industry whether you’re looking to improve your home value or simply make a mortgage rate comparison.
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