VA home loans
are a great tool for mortgage originators to help those who’ve served our country find a home of their own. But often overlooked is the fact that a VA loan doesn’t necessarily have to go to a veteran – the surviving spouse of a deceased veteran is often eligible as well.
Veterans and active-duty members of the military are generally eligible for VA loans if they’ve served at least 90 days of active duty in wartime, 181 days of active duty in peacetime, or six years in the National Guard or Reserve. Once a veteran gains eligibility, that eligibility never expires.
And if the veteran dies before using the benefit, it may pass to his or her surviving spouse. However, there are a few requirements that need to be met, according to a Mortgage Reports account. Among them, the deceased service member must have:
- Died in the line of duty;
- Died as a result of a service-connected disability;
- Been missing in action or a prisoner of war for at least 90 days; or
- Beed a totally disabled veteran for at least 10 years prior to death, and died from any cause.
Surviving spouses are also exempt from the VA funding fee, according to the Mortgage Reports. That means their loan balance and payments will be lower.