Tag: va loan

VA Loan: National Guard VA Loan qualifications 2022 update

Featured photo credit: https://www.nationalguard.com/careers/ground-forces

The VA loan is one of the most powerful home buying tools available to those who qualify. A few benefits of the VA home loan are an option for ZERO down payment, no Private Mortgage Insurance, and lenient credit qualifications.

There are specific criteria to qualify for the VA home loan, one of which is the Minimum Service Requirement. This is essentially a baseline for service qualifications.

The Minimum Service Requirements for The Army, Navy, Air Force, & The Marine Corps:

Served 90 consecutive days of active service during wartime.
Served 181 days of active service during peacetime.

Recently, the VA has revised their qualifications for those who serve and have served in the National Guard, which has opened the VA loan to thousands of National Guard members.

National Guard updated VA Loan qualifications are as follows:

If you’ve served for at least 90 days (minimum 30 consecutive days) of active duty under Title 32 orders, you meet the minimum service requirement.

Over recent years, thousands of National Guard members were activated under Title 32 Orders, meaning many of them are eligible for a VA Home Loan.

Have you served or are currently serving in the National Guard? Reach out to one of our branches today to learn about the VA home loan and find out if you are eligible today!

Get Your COE!

At Benchmark, we are dedicated to serving veteran clients and providing them with a world class home buying experience. We have changed the way VA lending is done. That is why Benchmark never quits.

Contact your local Benchmark branch. Contact us today for personalized information. Call me yourself or request a call from me. WeI would be honored to provide you with our famous excellent service for your new loan.

Benchmark brings you home.

How to Refinance Without a New 30-year Commitment.

by Jason Haeger

Now, you could get a refinance loan for any term between 15 and 30 years! Get a better rate without "starting over". Benchmark presents: Odd Term Mortgages.

VA Funding Fee: A Closer Look

by I Am Benchmark

The fee amount depends on the type of veteran, whether you choose to put a down payment, and whether you have used the VA loan benefit before. Some people are exempt from having to pay the fee, and the VA has the last word on who is exempt.
The post VA...

VA Loan Benefits for Disabled Veterans

by I Am Benchmark

All eligible veterans and active duty service members can take advantage of their VA loan benefit, but those with service-connected disabilities may be eligible for additional benefits when buying a home. VA Funding Fee Exemption The VA funding fee is ...

Good News for Military Vets

by bmadmin

Effective October 1, 2011, the costs associated with getting a VA mortgage are going DOWN!

An overview: VA mortgages are bundled, securitized and sold in the secondary market with the backing of the Federal Government. In order to insure these mortgages, the government charges a type of insurance premium, called a VA Funding Fee, which is typically added to the loan amount (thereby financed).

Remember, too, that the VA (subject to some restrictions) will insure loans up to 100% of the purchase price for the home.

What is happening next week? On loans that close effective October 1, that Funding Fee is being reduced. Because it is typical that the fee is financed into the loan, the VA is effectively lowering the monthly cost (because the loan amount is lower) AND the amount that will be paid back when the home is sold (again, because the loan amount is lower). It’s a win/win for the veteran.

If you have any questions about purchasing a home with a VA loan or if you already have one and are considering a refinance of it because of the low interest rates, reach out to us and let’s explore the possibilities. There has never been a better time!

Courtesy of KCMBlog.com