Veteran denied VA Mortgage because of job...in legal cannabis company

update A Revere veteran’s legal marijuana job cost him a VA loan. Now, Congress is stepping in

On Friday, it passed a measure banning the VA from considering veterans’ income from state-approved cannabis industries as a reason to deny them their benefit of a low-rate home loan guarantee with no money down.

VA denies Mass. veteran home loan over his legal marijuana job

Boston Globe
By Naomi Martin Globe Staff
June 3, 2019

Veterans who work in the marijuana industry face financial consequences. Retired Army Major Tye Reedy, who served in both Iraq and Afghanistan, lost his military pension for working as director of operations at Acreage Holdings, one of the nation’s largest cannabis companies, according to a Barron’s report.

Parade participants march through town during the annual Memorial Day Parade in Naugatuck, Conn., on May 27.(SPENCER PLATT/GETTY IMAGES)

The couple, crammed in a tiny Revere apartment with two kids and a third on the way, had spent months searching for a house they could afford.

It wasn’t easy in Massachusetts’ pricey market. But the man, a disabled Army veteran, had one advantage — a military benefit, a loan guarantee, that would provide a low-rate mortgage with no money down.

Finally, in November, they found a yellow split-level ranch in Dracut they loved — it had a giant living room, a two-car garage, and a nice yard for the kids. The veteran filed his Army paperwork.
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