06 Jan New VA Loan Eligibility
As of recent news and the innovation of the Veterans Health Care and Benefits Improvement Act, those who are National Guard troops as well as those who helped with the COVID-19 response seem to soon be eligible for the VA loan benefit. There are a couple ways in which you can be eligible for this, if you so happen to meet all the requirements. Here we will break this down as to whom is eligible and how.
Once this legislation is fully passed, those who either have 6 years of retirement-creditable service or 90 days in federal active duty in any of the military reserves or National Guard will become eligible for this VA loan.
New implementations have been put into effect for those who can become eligible. Legislators have now proposed a new bill that is helping to grow the eligibility for those who may be closed to the eligibility threshold.
For those curious about Title 32 and if this makes you eligible, here is what we know. These periods of active duty must have been finished during select sections. These are 505, 502, 503, 504 and the last being 316.
With new changes that have been implemented, those who have now at least finished more than 30 days of training orders as a service member can be eligible for such a loan. Cutting back the 90 days of the required Title 32 order to at least a more than 30 day requirement will significantly help those interested in such a loan.
For those who may be interested and are looking for more information on this VA home loan benefit, the Veterans Affairs will be providing more information once it is fully introduced and in effect.