VA Loans: The Spouse In a Military Family

What to Know About VA Loans if You Are a Spouse in A Military Family

If you or your spouse are affiliated with the military as either active duty or veteran status, you may be eligible for a VA home loan from the US Department of Veterans Affairs’ VA loan program. A VA loan allows military families to purchase a home with multiple benefits including:

• No down payment required
• Low closing costs
• High loan limits
• Low credit score requirements
• No mortgage insurance required

VA Loan Requirements

Both the veteran and their spouse can apply for a VA loan. For many couples, the non-military spouse is the one who handles most of the work if not the entire loan application. Here are the spousal requirements for a VA loan.

• Must be legally married to your military spouse.
• Credit history will not be considered but debt will be factored into the lender's decision.
• The non-military spouse’s income will be considered. If they do not have a source of income, the income from the spouse in the military will be the primary source of money and will be considered before approved.

Eligibility

Here are some general eligibility rules:

• Veterans are eligible if they have served on active duty for 90 days during wartime or at least 181 consecutive days during peacetime.
• If the entitled borrower listed and began their service after September 7, 1980, they need to have served for at least 2 years.
• If the entitled borrower was an officer, they had to have begun service after October 16, 1981.
• If the entitled borrower is affiliated with the National Guards or is a reservist, there is also a six-year service requirement.
• If your military spouse is deceased or missing-in-action, the widow is still eligible for a VA loan if they are not remarried. VA loans are available to surviving spouses who are remarried only after turning 57 on or after December 16, 2003.