Did you know that military Reservists and National Guard members are entitled to the same VA loan benefits as those in regular military service, with only slight exceptions? This means they can refinance up to 100% of their existing home, buy a home with no down payment, carry no monthly mortgage insurance, and enjoy less strict credit requirements--all with a loan issued by a private mortgage company but guaranteed by the federal government. 

If, as a Reservist or Guard member, you meet the following criteria, you will likely qualify for a VA loan:

*Six years of service in the Selected Reserve or National Guard AND

  • 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

The main difference for National Guard and Reservist members looking to obtain a VA loan is in the amount of funding fee, which is the cost associated with obtaining a VA loan that helps ensure the loan continues to require no down payment or monthly mortgage insurance. This cost will fluctuate according to the amount you wish (if any) to contribute to your down payment, ranging from 2.4% for $0 down to 1.5% for 10% or more down, and increasing if the loan is being used a second time. 

If you or your spouse are in the National Guard or Reserve and you would like to see if you qualify for a VA loan or refinance, give one of VA-specialist mortgage consultants here at Patriot Home Mortgage-Pacific Group a call. We love helping Guard and Reserve veterans! For all you have done for our country, you deserve the exclusive benefits that come with a VA loan!