VA LOAN CAPTAIN BLOG & Learning Center

Additional Surviving Spouse Benefits

By: Grant Moon 03/10/15 11:16 am

There are those who have eligibility for a VA loan beyond a veteran and qualifying active duty personnel. National Guard and Armed Forces Reserves with six years of service also qualify. Yet one category that doesn’t get a whole lot of attention are the surviving spouses of service members who have died as a result of a service related injury and has not remarried. However, if you dig a little deeper into the details of this special class, you’ll find eligibility guidelines actually go beyond that.
A surviving spouse of a service member listed as MIA or a POW for at least 90 days is eligible. Other spouses eligible are those that did not die as a result of a service related injury but were deemed totally disabled prior to death and does not have to be service-related. If the service member was listed as totally disabled 10 years prior to death or at least five years from the date of discharge. Granted, this is a very small spectrum of eligible borrowers but an important one as well.
In addition to receiving the benefit, there is no funding fee required when purchasing a home using the VA home loan. For first timer buyers, normally that adds up to 2.15% of the sales price, or in the instance of a $250,000 purchase, that’s a savings of $5,375. Other features of VA home loans also apply to this class of borrower. There is no money down required, no monthly mortgage insurance and competitive interest rates and when refinancing, up to 100% of the value of the home is permitted by the VA. Taking out cash up to 100% of the value is another issue, however, and different VA lenders may have different loan limits for cash out refinances. If you know of anyone who might fit into this category, please let them know. It’s a benefit not largely promoted and rarely used, but in the right instance, nothing could be better.

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