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Personal FinanceUnlocking Opportunities of VA Loan Benefits for Surviving Spouses.

Unlocking Opportunities of VA Loan Benefits for Surviving Spouses.

Introduction

The VA loan program is a vital initiative aimed at enabling homeownership for USA Veterans, Service members and eligible surviving spouses.

 In this article I aim to shed light on the specific criteria defining the “eligible surviving spouses” under the VA loan benefit emphasizing the VA Loan inclusive stance which extends to same-sex couples.

Clarification on Eligibility.

It is crucial to recognize that the VA Loan definition encompasses same sex couples with consistent standards applied to all married couples seeking VA loan guaranties irrespective of their gender.

Surviving spouses already receiving Dependency and Indemnity Compensation or VA pension are excluded from qualifying for the VA home loan benefit.

VA Loan Eligibility Criteria for Surviving Spouses

1. Surviving Unremarried Spouse

Qualification Criteria:

  • Surviving unmarried spouse of a Veteran who died in active, reserve or National Guard service or from a service-connected cause.
  • Additional eligibility for surviving unremarried spouse if the deceased Veteran was:
    • Rated totally disabled (100%) for 10 or more years immediately preceding death.
    • Rated totally disabled for at least 5 years from the date of discharge to the date of death.
    • A former POW who died after September 30, 1999 and was rated totally disabled for a year immediately preceding death.
  • Note: Remarried surviving spouses with void or annulled marriages may still be eligible under specific criteria.

2. Spouse of Missing in Action (MIA) or Prisoner of War (POW) Service member

Qualification Criteria:

  • Spouse of a Service member officially listed as missing in action (MIA) or currently a prisoner of war (POW) for more than 90 days.
  • Eligibility is effective for the duration of the Service member’s MIA or POW status, with a one-time use restriction for spouses.

3. Remarried Spouse of a Veteran

Qualification Criteria:

  • Remarried spouse of a Veteran who dies on active duty or from service-connected causes, and remarries on or after December 16, 2003, after reaching age 57.
  • Surviving remarried spouses who remarried before December 16, 2003, and after reaching age 57, must have applied for the VA loan benefit no later than December 15, 2004.

Checking VA Loan Eligibility

For those with questions about their VA loan eligibility, the VA-approved loan specialists here are ready to assist.

Questions can be directed to info@veteransloans.com or by calling 1 (888) 232-1428. VeteransLoans.com, a VA-approved mortgage lender specializing in VA loans, also provides conventional and FHA loans.

Conclusion

You need to understand the criteria for VA loan eligibility for surviving spouses is crucial. It ensures that those entitled to this valuable benefit can navigate the process seamlessly creating a pathway to homeownership and a secure financial future. If you are considering a VA loan, initiate the journey by obtaining a custom quote with no impact on your credit score. Your may read more here on VA Loan.

 Your homeownership aspirations are within reach

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