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people is to have completed at least six years of service in either the Selected Reserve or National Guard and are no longer active due to specific reasons.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
Meghan Riley Bowling
Hi, I'm Meghan Riley Bowling!
As one of Atlanta's top real estate agents and Atlanta Board of Realtors Lifetime 'Top Producer', I bring over 19 years of experience as both a Realtor and a licensed interior designer to the table. My extensive background uniquely positions me to be your best advocate in today’s dynamic market. I have a keen eye for a home's true potential and the expertise to navigate every twist and turn of the transaction process.
I understand what it takes to sell homes quickly and know how to create spaces that feel open, fresh, and inviting. For buyers, I excel at helping you envision the potential of a property, helping you find the perfect home to meet your needs.
With a commitment to excellence, I am your best source in real estate, offering dedicated service, strong negotiation skills, and deep market knowledge. I am your greatest asset to help achieve your goals!
