A loan from the U.S. Department of Veteran Affairs can be an excellent choice for financing a home purchase. While VA benefits are generally reserved for veterans, there are a few exceptions with mortgage programs. Here are some other ways you could be eligible for a VA loan:
Fortunately, you don't have to have served in the past to be eligible for a VA loan. Active duty military service people are also eligible if they have been active for a required amount of time. Anyone on active duty who has served at least 90 consecutive days in the Army, Navy, Air Force and Marines can be approved for a VA loan.
Spouses of military personnel can be eligible for VA loans. However, there are some specific criteria for eligibility. For example, the service person the spouse is married to must either be deceased, officially declared missing in action (MIA) or a prisoner of war (POW) for at least 90 days. Surviving spouses of veterans who have had an active VA loan can be eligible to refinance the loan for a better rate rather than apply for a new one.
Members of the Reserves and National Guard are also eligible for VA loans. The main requirement for these service people is to have completed at least six years of service in either the Selected Reserve or National Guard and are no longer active due to specific reasons. Those reasons include honorable discharge, being transferred to another element of the Reserve or being placed on the retired list.
There are other people who can be approved for VA loans beyond the above examples. Individuals who have worked within certain federal government organizations can be eligible, including cadets, midshipmen and U.S. Public Health Service officers.
If you're interested in applying for a VA loan and are not sure if you're eligible, consult with a VA lending advisor to find the best solution.
JoAnn Drabble prides herself in making a "personal investment in each client”. With over ten years of experience working as a paralegal for various law firms, JoAnn brings significant legal expertise to her work. She understands the ins and outs of the real estate business and follows through on her sales from start to finish. She is often praised for her attention to detail in all aspects of a sale.
Working as a full-time professional in the real estate industry for 26 years, JoAnn has continuously been a top sales producer. She attributes her successful sales’ results to the personal relationships that she forges with her clients. Her years of experience combined with her outgoing personality and compassionate nature enable her to understand both the stated and unspoken needs of clients who are buying and selling their homes. JoAnn stays current with changing market conditions and trends in order to provide exceptional service and ensure a timely sale.
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