If you're the widower of a missing service person, you may wonder if you can obtain a no-down-payment loan through the Veterans Administration, or VA, to purchase a home. In most cases, you can apply for a loan without placing any type of down payment on the home. Spouses of service people can qualify for financial help, even if their loved ones are listed as Missing in Action, or MIA, as long as you complete and pass your eligibility certification. There are other important things you should know that may affect your chances of getting and keeping a loan after you receive one, including these below:
You Rent Out the Home Once You Purchase It
A VA loan doesn't follow the same requirements as traditional bank loans. For example, most banks require you to have a certain credit score and income level to apply and receive a home loan. The VA generally doesn't consider these issues as long as you're an active member of the military, a retired veteran, or a surviving spouse of a veteran. If you plan to leave the home and rent it after you purchase it, you may want to reconsider.
Although active service people are allowed to rent out property if they are assigned to a new station through a Permanent Change of Station, the rules may not apply to surviving spouses. You may only be eligible for a loan if you plan to make it your permanent shelter. The VA may allow you to rent out some parts of the house as long as you remain on the premises. But that's something you must discuss with a loan adviser or the VA itself when you apply for the loan.
You Can't Divorce Your Spouse Before Applying for a Loan
If it's been many years since the VA declared your loved one MIA, you may want to move on by divorcing your spouse. Although that's a personal decision for you to make, it can affect your standing with the administration. The VA requires that all surviving spouses be married to their loved ones before they apply for a home loan. Once you divorce your MIA loved one, you no longer qualify as a surviving spouse. You become an ex-spouse.
Ex-spouses may not qualify for the same benefits as people who remain married to their military loved ones. If you plan to divorce and subsequently remarry, you may wish to consult with the VA loan adviser to find out if you still qualify for loan.
For more information about applying for a VA loan as a surviving spouse, contact a representative like Texas Veterans Home Loans.
How many times have you put off making repairs around your home because you didn't have the money to make them immediately? Have those decisions caused even more repair bills because you waited to make the repairs? I have done this several times in the past, and, oftentimes, not making those repairs have cost me far more to complete because the damage spread. The whole reason I created my blog was to help others find the financing they need to make home repairs without worrying about choosing the wrong type of financing option. Hopefully, my hard-learned lessons will help you avoid the same struggles that I have undergone.