Surviving spouses of military services members are entitled to a VA mortgage under specific circumstances. It is necessary for the surviving spouse to present documentation that shows their entitlement to the program before applying for the mortgage. Reviewing requirements for a surviving spouse helps them determine if they qualify for a VA home mortgage loan.
Obtaining Documentations about Their Spouse’s Death
Obtaining documentation about their spouse’s death shows if the service member died in the line of duty or due to a service-related disability or condition. When applying for a VA loan, a surviving spouse must have a death certificate and forms from the branch of the military in which their spouse served showing the exact cause of death. If the service member died of any condition that wasn’t service-related, the surviving spouse will not qualify for a VA loan.
Getting Copies of Their Spouse’s Service Record or a DD 214 Certificate
Getting copies of their spouse’s service record or a DD 214 certificate defines if the service member completed the necessary peacetime and wartime service that entitles them to receive a VA home mortgage loan. The surviving spouse can acquire the forms and documentation from the local branch of Veterans Affairs in their regional area. Proper identification and a marriage certificate must be presented to representatives to obtain the documents or the form for the mortgage lender.
Meeting the Requirements for a VA Loan
Meeting the requirements for the VA loan helps the surviving spouse obtain a mortgage home loan through the program. After providing all documentation for their spouse and their entitlement to use a VA loan, the surviving spouse must meet other qualifications for getting the loan. First, the lender will review the spouse’s credit score. To get a VA loan, a borrower must have a credit score of at least 620. The borrower must have a stable employment record and a qualifying income-to-debt ratio to establish affordability for the mortgage home loan. The lender must verify all information before presenting an approval for the home mortgage loan.
Finding a Property That Meets the Eligibility Requirements
Finding a property that meets the eligibility requirements for the VA home mortgage program might require some assistance from a real estate agent. The homes are inspected according to the requirements of the VA mortgage program. The property cannot have any structural damage or underlying conditions that depreciate its value.
Preparing for the Closing
Preparing for the closing requires the surviving spouse to purchase all necessary insurance policies according to their mortgage lender’s specifications. First, they must have a homeowner’s insurance policy to protect the property against covered events. Flood insurance is required only if the home is in a designated flood zone. The buyer must also pay closing costs according to the terms of their sales contract.
Surviving spouses may get a VA loan if their service member died due to a service-related condition or disability or if they died while performing their duty. The service member must have received a DD 214 certificate and be eligible for the program, too. Surviving spouses who need more information about qualifying get more information from nria.net now.