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:
Active Duty
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.
Military Spouses
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.
Reserve & National Guard
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people is to have completed at least six years of service in either the Selected Reserve or National Guard and are no longer active due to specific reasons.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.
Other Exceptions
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.
About the Author
Cheryl Cook
Hi, I'm CHERYL COOK and I'd love to assist you. Whether you're looking for advice and guidance to prepare your property for sale or in the research phase of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
I am a dedicated full-time Broker Associate with eXp Realty. I obtained my New Jersey Real Estate License in 2003 and mentored under seasoned Real Estate professionals who taught and inspired me with their experiences. As a member of the National, State, and North Central Jersey Association of REALTORS® I have achieved the Accredited Buyer’s Representative (ABR®), and Certified Residential Specialist (CRS) designations as well as Short Sale and Foreclosure Resource (SFR®) certification. I specialize in residential sales in Somerset, Union, Middlesex and Essex Counties.
Thank you visiting my website. I look forward to hearing from you.
