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:
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.
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.
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people is to have completed at least six years of service in either the Selected Reserve or National Guard and are no longer active due to specific reasons.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.
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.
Licensed since 1983 Donna is a well known and well respected veteran of the local real estate market. Donna has made her mark as both a manager of a brokerage firm and as an agent. Ms. Coakley McGowan has participated in extensive training in residential real estate and specializes in both Buyer and Seller Agency.
"I am extremely pleased to welcome an Associate of Donna’s caliber and expertise” said Judy Leonelli, Owner. "I have known Donna for many years and have admired her professionalism and talent for the pragmatic resolution to the difficulties that can arise during a transaction. When Donna is involved you know there will be a successful outcome.”
Ms. Coakley McGowan has lived in Upton since 1995 and knows the area and all of its attributes. She currently serves the Town of Upton and the Regional School District as Chairperson of the School Committee. She and her husband Mark and their two children reside in Upton.
