Are There VA Home Loan Programs for Surviving Spouses?
If you’re the surviving spouse of a veteran and are looking to buy a home in Colorado Springs, you may have wondered about your eligibility for obtaining a VA loan. VA home loans offer Colorado Springs veterans and their families considerable advantages in the home buying process, including low down payments and interest rates. Here’s what you need to know about your eligibility.
Do Spouses Qualify for VA Loans?
Surviving spouses are the only stakeholders that the VA considers for a VA home loan eligibility, besides the servicemember themselves. Dependents are not eligible for these loans. However, there are a few conditions that surviving spouses must meet. These conditions are uniform across the country and, therefore, apply to spouses looking to obtain a VA home loan in Colorado Springs as well.
Determination of Eligibility for Surviving Spouses
While surviving spouses are eligible, there are restrictions. These restrictions are to prevent abuse and misuse of the VA home loan provisions.
Spouses that are eligible must be a un-remarried spouse of a veteran, who may have died in service, or from a disability that was connected to their service. Similarly, you are eligible if your service member spouse has a missing in action/prisoner of war status. You are also eligible as a surviving spouse if you presently receive Dependency and Indemnity Compensation benefits, even if your veteran’s death was not connected to their service. As long as your spouse was enlisted and met the eligibility requirements, you, in turn, as their spouse, are also eligible, given you have not re-married.
Exceptions in Eligibility
Surviving spouses that remarry at or after age 57 and on or after December 16, 2003 are also eligible for a VA home loan. However, both conditions must be true to be eligible.
Let Us Answer Your Questions
The loan officers at Mortgage Solutions Financial are experts in VA home loans. If you are considering a VA home loan in Colorado Springs, our loan officers can help walk you through the process and answer any questions you have. We can also discuss what your financing options are and help you find the best solution.