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VA Loan Benefits for Surviving Spouses

[fa icon="calendar"] Mar 27, 2019 9:15:00 AM / by Eustis Mortgage

Eustis Mortgage

 

VA mortgage loans have always had a multitude of advantages over other loan options for military personnel. Thankfully, surviving spouses who have lost a military-employed spouse can qualify to receive very similar benefits as military personnel does. 

 

Here is a list of the advantages of VA loans for surviving spouses:

  • As little as zero down on purchase loans up to $417,000
  • VA Streamline refinancing even if ineligible for full VA loan benefits
  • No monthly mortgage insurance premiums
  • No VA funding fee
  • Low interest rates that are nationally competitive
  • No penalties for early payoff or balance reduction
  • Up to 100% refinancing of appraised value

 

There are a few differences to what exactly surviving spouses have access to for this type of loan. Some of these differences include:

  • A spouse who obtained a joint VA mortgage with a veteran prior to the death, regardless of whether the death was duty related, may be eligible for a VA Streamline refinance (the surviving spouse need not be VA-eligible).
  • Qualified surviving spouses are exempt from the VA funding fee which is between .5 and 3.3%.

 

If the surviving spouse of military personnel has not remarried, they can access a VA loan by obtaining the following qualifications:

  • Had a spouse that served in the U.S. Army, Navy, National Guard, Coast Guard, Marine Corps., or Air Force. Reservists who served at least 6 years are also eligible.
  • Survived a spouse who was eligible for disability compensation at the time of death and was rated continuously totally disabled for the specified period of time.
    • 10 years prior to their death or 5 years from the date of their discharge
    • If your spouse was a POW, they would need to have been rated totally disabled for at least one year prior to their death.
  • Survived a spouse who died in service or due to a service-related injury. Survived a spouse that was MIA (missing in action) or a POW (prisoner of war) for at least 90 days.
    • Limited to one-time use of benefit.

 

VA mortgage loan refinances can also be used to access cash for:

  • Medical bills
  • Home improvements
  • Other high-interest debts that could possibly be consolidated.

 

For more information about VA loans for surviving spouses, contact us now! 

 

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