Do I Qualify for a VA Loan?
VA loans are specialty mortgages offered to military service members and their families and are partially backed by the Department of Veterans Affairs. To learn more details on who qualifies for a VA loan, keep reading.
The VA Loan was created to ensure that those who served our country would have the opportunity to become a homeowner.
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.
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
Am I Eligible 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 qualified service member has passed.
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.
Other Ways 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:
- 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 Veteran myself, I know the importance of making sure each service member is informed of their benefits.
Contact me today to learn how you can take advantage of the benefits that you’ve earned.