Buying a Home With a VA Loan Using VA Survivor Benefits
Behind each married military service member or Veteran is a spouse who should also have well-deserved military benefits. Just like being in the service, a military spouse’s life can be tough and important as well. Among one of the VA survivor benefits is to potentially allow an unmarried surviving spouse of a Veteran to use a VA home loan. Unmarried surviving spouse eligibility requires that the spouse either died on active duty or as the result of a service-connected disability.
VA Survivor Benefits – Surviving Spouse VA Loan Eligibility
Just like a Veteran or service member, a qualifying surviving spouse may use VA home loans all the same. If you are looking to purchase or refinance a primary residence, VA survivor benefits like a VA loan are huge. These advantages include the following:
- No money down home purchase
- VA cash-out refinance up to 100% of the appraised value
- VA jumbo loan up to $1,000,000
- Condo purchase using a VA loan
- Buying a home with student loan debt
- VA Renovation Loan to purchase a fixer-upper – Up to $75,000 in renovation costs!
Also, a surviving spouse who obtained a VA home loan with the veteran before his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. Also called a VA IRRRL for short.
How Does a Surviving Spouse Apply for VA Eligibility?
Are you a surviving spouse that feels you may qualify for VA home loan benefits? It is advised to check for qualification. Even if it is a small possibility, it is worth it. There have been several times where a surviving spouse had no idea if qualification was possible. Then, the entitlement came back as eligible! So, spending a little bit of time is worth the try.
Surviving Spouse VA Loan First-Time Application
Looking to use a VA loan for the first time as a surviving spouse? Then, completing the appropriate form is required. In this case, VA Form 26-1817 Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses is the form to complete. Notice that the title states “unmarried.” Although, occasionally remarried surviving spouses who remarry at 57 years old or more may have eligibility. Estimated time to complete is only 15 minutes or less. Plus, this form does not expire until December 31, 2019. Again, worth a try for such a great benefit.
Surviving Spouse Request for Restoration of VA Entitlement
Now, if someone has used VA benefits as a surviving spouse, then do not use Form 26-1817 (Because the surviving spouse has already been determined eligible for VA loan benefits.) So, in this case, VA Form 26-1880 Request for a Certificate of Eligibility This link for requesting a VA COE is effective February 2017 and expires December 31, 2019. Even if a buyer has used a VA loan before, request the VA Certificate of Eligibility up-front. There could be potential benefits or roadblocks uncovered on the VA COE.
Need Help Completing VA Forms?
We understand most don’t like to complete forms. Additionally, borrowers do not complete these forms every day. So, lean on us to not only help complete the necessary forms but also submit them to VA. Furthermore, whether or not a VA loan is an option, an OVM Financial loan officer will discuss loan programs which match a borrower’s goals and scenario.
Behind each married military service member or Veteran is a spouse who should also have well-deserved military benefits. Just like being in the service, a military spouse’s life can be tough and important as well. Among one of the VA survivor benefits is to potentially allow an unmarried surviving spouse of a Veteran to use a VA home loan. Unmarried surviving spouse eligibility requires that the spouse either died on active duty or as the result of a service-connected disability.
VA Survivor Benefits – Surviving Spouse VA Loan Eligibility
Just like a Veteran or service member, a qualifying surviving spouse may use VA home loans all the same. If you are looking to purchase or refinance a primary residence, VA survivor benefits like a VA loan are huge. These advantages include the following:
- No money down home purchase
- VA cash-out refinance up to 100% of the appraised value
- VA jumbo loan up to $1,000,000
- Condo purchase using a VA loan
- Buying a home with student loan debt
- VA Renovation Loan to purchase a fixer-upper – Up to $75,000 in renovation costs!
Also, a surviving spouse who obtained a VA home loan with the veteran before his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. Also called a VA IRRRL for short.
How Does a Surviving Spouse Apply for VA Eligibility?
Are you a surviving spouse that feels you may qualify for VA home loan benefits? It is advised to check for qualification. Even if it is a small possibility, it is worth it. There have been several times where a surviving spouse had no idea if qualification was possible. Then, the entitlement came back as eligible! So, spending a little bit of time is worth the try.
Surviving Spouse VA Loan First-Time Application
Looking to use a VA loan for the first time as a surviving spouse? Then, completing the appropriate form is required. In this case, VA Form 26-1817 Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses is the form to complete. Notice that the title states “unmarried.” Although, occasionally remarried surviving spouses who remarry at 57 years old or more may have eligibility. Estimated time to complete is only 15 minutes or less. Plus, this form does not expire until December 31, 2019. Again, worth a try for such a great benefit.
Surviving Spouse Request for Restoration of VA Entitlement
Now, if someone has used VA benefits as a surviving spouse, then do not use Form 26-1817 (Because the surviving spouse has already been determined eligible for VA loan benefits.) So, in this case, VA Form 26-1880 Request for a Certificate of Eligibility This link for requesting a VA COE is effective February 2017 and expires December 31, 2019. Even if a buyer has used a VA loan before, request the VA Certificate of Eligibility up-front. There could be potential benefits or roadblocks uncovered on the VA COE.
Need Help Completing VA Forms?
We understand most don’t like to complete forms. Additionally, borrowers do not complete these forms every day. So, lean on us to not only help complete the necessary forms but also submit them to VA. Furthermore, whether or not a VA loan is an option, an OVM Financial loan officer will discuss loan programs which match a borrower’s goals and scenario.
