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VA mortgage loans have always been a great option for veterans or current active military members, but surviving spouses who have lost a military-employed husband or wife also have the potential to qualify for benefits as well.

Some of those benefits include no down payment, better terms and interest rates, 100% financing, and more. So, how does a surviving spouse of a veteran or military member see if they qualify for a VA mortgage loan? The widow or widower would be eligible if they have not remarried and:

  • Survived a spouse who died in service or due to a service-related injury. Survived a spouse that was MIA (missing in action) or a POW (prisoner of war) for at least 90 days (limited to one-time use of benefit).
  • Had a spouse that served in the U.S. Army, Navy, National Guard, Coast Guard, Marine Corps., or Air Force. Reservists who served at least 6 years are also eligible.
  • Survived a spouse who was eligible for disability compensation at the time of death and was rated continuously totally disabled for the specified period of time (10 years prior to their death or 5 years from the date of their discharge). If your spouse was a POW, they would need to have been rated totally disabled for at least one year prior to their death.

Surviving spouses may also qualify for a VA mortgage loan refinance, which would allow you to change your loan term, lower your monthly payment, or possibly obtain lower interest rates if they’re available. VA mortgage loan refinances can also be used to access cash for home improvements, medical bills, or other high-interest debts that could possibly be consolidated.

All in all, VA mortgage loans are an affordable option for surviving spouses looking to purchase or refinance. As stated earlier, there are many advantages of obtaining a VA mortgage loan including…

  • No VA funding fee
  • As little as zero down on purchase loans up to $417,000
  • Up to 100% refinancing of appraised value
  • No monthly mortgage insurance premiums
  • Low interest rates that are nationally competitive
  • No penalties for early payoff or balance reduction
  • VA Streamline refinancing even if ineligible for full VA loan benefits

Make sure to contact a loan officer at NJ Lenders Corp. today if you have any questions regarding your VA eligibility and mortgage loan options.