Veterans wanting to buy a house should consider a VA loan. VA home loans are a unique benefit to U.S. servicemembers. Most purchase loans can be obtained without a down payment. And, VA borrowers never pay monthly mortgage insurance premiums. If you’ve never used your benefits before, learn from this VA loan 101: how to know if you’re eligible.
Who can become eligible for VA loans? Let’s break it down:
- Active Duty
- Reservists/National Guard
- Surviving Spouses
- Military Cadets
- Other Uniformed Servicemembers
Veterans And Active Duty VA Loan Eligibility
If you are currently on active duty, you can have VA loan eligibility after 90 continuous days service during wartime under Title 10. Veterans who served during peacetime, can be eligible if they served a minimum of 181 days under Title 10. Or, if you’ve served as a regular military member for at least two years, you can earn VA loan benefits. These minimums may not need to be met if you were disabled on duty and are eligible for military disability compensation.
VA Loans for Reservists/National Guard
Reservists and National Guard members can become eligible for VA loans after six years of service if never called up for active duty. If Reservists or Guard members are called up under Title 10, they can become eligible for home loan benefits under the same guidelines as regular active duty members. In other words, 90 days straight during wartime and 181 days of peacetime is required.
Surviving Spouses Can Get VA Mortgages Too
Surviving spouses of veterans and servicemembers may also be eligible for VA mortgages, too. Generally, spouses who want VA loans can’t be remarried. Their spouse must have died while in service or from a service-connected disability. Additionally, certain spouses of MIA and POW may also receive limited home loan benefits. Finally, the VA recently extended home loan eligibility to spouses who survived a veteran who died of any cause. The veteran must have been disabled for a period of time specified in VA guidelines and eligible for disability compensation at the time of death.
Other Uniformed Services May Be Able to Get VA-backed Loans
In fact there are seven uniformed services that have VA home loan benefits. Cadets and Midshipmen in the U.S. military academies, Public Health Service Officers, members of the National Oceanic and Atmospheric Administration and others may earn eligibility for VA-backed loans.
For information about VA loan eligibility, contact a direct lender.