This type of home financing is known as the VA home loans and involves guaranteed mortgages from the U. S Department of Veterans Affairs and bear low interest rates as well as low down payments. It is important to note that these loans are only offered to eligible service members or veterans and surviving spouses who meet certain criteria. Alright then, to whom do VA home loans belong to?
Active Duty Service Members Veterans currently in active duty and have been in service for at least 90 days of consecutive duty may qualify for a VA home loan. Other qualifying situations include: military members of the National Guard or reserves who have completed a minimum 90-day period of consecutive duty during a wartime period.
Veterans The VA home loans are available to any person who served in the military and was discharged under any conditions other than dishonorable. This includes anyone who has served at least 90 days of active duty service in a period of war or 181 days in total in peacetime. Active duty members of the armed forces are also eligible if they have not less than 24 months of aggregate service or were not dishonorably discharged, irrespective of whether the time of service was during a war.
Surviving Spouses Widows or widowers of veterans or active duty members of the military who have passed away while on active duty or due to a service-related disability may qualify. This involves the wives or husbands of military personnel or veteran who may be declared as missing in action or prisoners of war.
To be eligible, surviving spouses must not have remarried and the property must be acquired through a home loan taken jointly by the surviving spouse and deceased spouse or the property must have been bought after the death of the spouse. They also need to be able to demonstrate that they would have been a good credit risk.
To what extent must you have served? It is worth remembering that such factors as 90 days of active duty during a war or 181 days during a non-war period entitles veterans and active members for VA home loan. Others eligible include those who have served in the military for not less than 24 months or were dismissed on a disability incurred in the line of duty or a disability that was worsened by service in the armed forces.
However, for the members of the National Guard and military reserves, they must have served for 90 consecutive days during wartime despite the fact that the period of active service does not have to be in the recent past or is not necessarily consecutive. Any time that they were activated on federal order counts toward the 90 days minimum.
Some commissioning programs also enable service members to fulfill eligibility criteria. People with no prior military experience who have graduated from the service academies or ROTC scholarship programs are considered to have automatically qualified themselves for commissioning upon the completion of their education and training.
Special advantages for certain people In addition to the standard requirements, there are also some special eligibility considerations:In addition to the standard requirements, there are also some special eligibility considerations:
Disabled Veterans: The VA home loan program is also available to veterans with service connected disabilities. There is no minimum percentage of the VA disability rating that is required to get the credit.
Purple Heart Recipients: All Purple Heart recipients are eligible regardless of when or how long they served on active duty.
Spouses of POWs or MIAs: Specifically, if the veteran has not remarried, the surviving spouse of a prisoner of war or a person missing in action is eligible for a VA home loan.
Certain Spouses After Divorce: An individual who has been previously married to a service member or veteran may still qualify for VA home loan benefits after divorce depending on some circumstances.
Finally, to confirm if you meet the requirements for VA home loans, you can inquire ahead of time by applying for a Certificate of Eligibility on the VA website. That is why this certificate will show whether you meet all the requirements to exercise your VA home loan advantage. Hence, knowing beforehand whether you qualify for an FHA loan ensures that when you are ready to purchase a house or to refinance a current mortgage, you are certain of your qualification.
