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National Guard Mortgages
How To Get A VA Loan If You Are In The National Guard
Or Reserve
January 17, 2012

It is well publicized that if you serve in the US Military you are eligible for a VA loan. Many are
not aware that those who serve in the National Guard or the Reserve are also eligible for VA
Loans.

The basic rule to qualify for a VA loan is completion of 6 years service in the National guard
or the Reserve. Weekend drills and the annual two week training sessions count. This is a
great deal for Americans who want to serve their country and buy a house.

Another way of qualifying is to serve on active duty for a minimum of 90 days. If you were
discharged before the 90 days, because of an injury or disability sustained during the active
duty, you will still be able to qualify for a VA mortgage.

No need to apply if you were dishonourably discharged. You are not eligible.

Apply for a VA loan before asking for a regular mortgage. Qualifying is easier, even for home
buyers with slightly blemished credit. If a borrower is looking to refinance, the approval is
almost automatic as long as you are current on your mortgage, and were not late with
payments on a regular basis.

There are several advantages to getting a VA loan rather than asking your lender for a
traditional run of the mill loan. First, the VA loan is one of the few loans available to
Americans where a down payment is not required. The USDA also offers a "no down
payment" mortgage.

However, the greatest benefit of a VA loan is that it allows the home seller to pay all the
closing costs for the borrower. This could mean several thousand dollars in savings to the
home buyer.

The major drawback to the VA loan is the funding fee. This fee has to be paid upfront and
could be as high as 2.4% for a no down payment mortgage. If you can supply a sizeable
down payment, for example 10% or more, the fee shrinks to only 1.5%.

Disabled veterans and spouses of veterans who were killed in active service to their country,
are exempt from paying the fee.

To get started with your VA loan, you can apply online by completing the certificate of
eligibility. Your lender needs the certificate before your loan can be processed.