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How to Know if You're Eligible for a VA Loan

by Marilyn Mayberry 05/25/2022

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people is to have completed at least six years of service in either the Selected Reserve or National Guard and are no longer active due to specific reasons.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
Author

Marilyn Mayberry

Marilyn Mayberry has had the honor and privilege of engaging in one of the most exciting careers imaginable. She has marketed the American dream of home ownership for over 40 years. Marilyn is the Associate Broker for her own boutique brokerage Real Estate Today LLC in Farmington Hills. Her company offers a complete line of residential and commercial services to buyers and sellers.

Buying or selling real estate is probably one of the most important decisions anyone will make in a lifetime. Marilyn’s passion for the real estate business assures that the transaction will be handled with the highest degree of professionalism. This philosophy has allowed her to build a community of lifelong relationships.