Who Qualifies for a VA Loan?
In a sentence, VA loans are specialty mortgages offered exclusively to military service members and their families, and partially backed by the Department of Veterans Affairs. The details of who qualifies for a VA Loan, however, require a slightly longer explanation.
If you plan on purchasing a home and want to know if you’re eligible for this mortgage loan option, let’s take a more in-depth look at what it takes to qualify.
Service Members Who Qualify for VA Loans
The VA Loan was created to ensure that those who served our country would have the opportunity to realize the dream of homeownership.
It began with the Servicemen’s Readjustment Act of 1944. Since that time, VA Loan benefits have gone from an option only available to veterans, to covering active-duty military personnel as well.
Reservists and National Guard personnel have also been granted eligibility as qualifications have expanded. If you are a service member, you are likely eligible if you meet at least one the following requirements:
- Served 2 years as a regular service member
- Served 6 years as a Reservists or National Guard member
- Served 90 days of active duty during wartime
- Served 181 days of active duty during peacetime
The Eligibility of Families for A VA Loan
Unlike other VA benefits, such as a GI Bill, VA Loan eligibility can only be transferred to a spouse after the death of the qualified service member.
It used to be that eligibility would only be granted to a surviving spouse if their husband or wife died in service, or of a service-related injury. Today, a surviving spouse can now apply for a VA Loan if they were married to a service member who met specific criteria, including:
- Had a duty-related condition and was eligible for compensation
- Was declared a POW or MIA
- Died on duty, or of duty-related causes
Other circumstances may qualify a surviving spouse for a VA Loan. Consider talking to a Mortgage Loan Originator specializing in VA Loans to learn if you are eligible.
More Opportunities to Qualify for A VA Loan
Even if you have not met service requirements, a VA Loan may be available to you if you’ve been discharged due to the following reasons:
- Hardship
- Government convenience
- Reduction in force
- Certain medical conditions
- Service-connected disability
There are many options available to those who want to apply for a VA Loan.
As a Mortgage Loan Originator specializing in VA Loans, I have years of experience helping service members and their families make their dream of homeownership a reality.
Contact me today to learn how you can take advantage of the benefits that you’ve earned.