VA loans have now been expanded to a new group of people thanks to this lengthy bill passed in congress.
Here is what it means:
There was a provision included in the Johnny Isakson and David P Roe, M.D. Veterans Health Care and Benefits Improvement Act that allows full-time National Guard and reserve members to become eligible for a VA loan. This essentially means that if you are a national guard member and have supported all operations regardless of current events, then you are able to use that service as a credit towards VA loan eligibility.
This differs from previously because eligibility used to be based on if National Guard members had 90 days consecutively of serving overseas and or those who have completed six years of service.
As of July 2020, there have been over 37,000 National Guard members supporting respective domestic operations.
VA Loan Lenders
Mortgage lenders have been ecstatic about the passing of this bill opening the eligibility requirements. One of the initiatives in this bill that VA loan lenders love is that the funding will not occur by way of increasing the guarantee fee.
Jon Irvine, Chief Strategy Officer of Sovereign Lending Group, explained how this bill is commendable for those who now have access to this benefit.
Because the guaranteed rate of VA mortgages was not increased by congress, military members will not need to pay higher costs for this benefit which they have already earned.
About Sovereign Lending Group
Sovereign Lending Group is a VA loan lender licensed in 45 states based out of Orange County, California with a division in Dallas, Texas. Rather than just putting borrowers in our system, we pride ourselves on treating every borrower as an individual rather than a ticket. Our customer service is second to none and we are excited to help you with your home financing options. If you want to learn more about Sovereign Lending Group, visit www.slgmortgage.com or call at (800) 817-0201. Get more updates and follow us on Facebook and Instagram. NMLS:189421 | Equal Housing Opportunity Lender