Do You Qualify for a Utah VA Home Loan?

A mortgage though the Department of Veterans Affairs, more commonly known as a VA home loan, offers several advantages. No down payment, no monthly private mortgage insurance premiums and lower average interest rates are just a few of the reasons to consider a VA loan.

But are you eligible for this type of mortgage?

Many current and former members of the armed forces and their surviving spouses meet the VA loan eligibility requirements. An independent mortgage broker can determine if you are likely to qualify for a VA home loan, but you can find the general guidelines below.

Utah VA mortgage loans

VA Loan Eligibility for Servicemen and Veterans

Are you on active duty? Serving 90 consecutive days should qualify you for VA financing. Similarly, a 90-day stretch of active duty during World War II, the Korean War, the Gulf War or the Vietnam War is enough to establish eligibility.

If you’re a veteran and served during peacetime – or if you were separated from service – 181 days of continuous active duty is the minimum to qualify for a VA loan.

What about disabled servicemen and veterans? If your time in the armed forces came to an end due to a service-connected disability, the Veteran’s Administration may approve you for a VA home loan with fewer days of active service. 

VA Loan Eligibility for Military Spouses

If your spouse was a veteran who died during service or whose death was the result of a service-connected disability, you should qualify for a VA loan if you haven’t remarried. The same is true if your spouse is missing in action or a prisoner of war, and you may also be approved if you are currently receiving Dependency and Indemnity Compensation (DIC) benefits.

What if you’re a surviving spouse who has remarried? If the marriage occurred on or after December 16, 2003 and you are at least 57 years old, you may qualify for VA financing. 

VA Loan Eligibility for Reservists

Are you a member of the Selected Reserve or National Guard? To meet the VA loan eligibility requirements, you’ll need to complete six years of service as a member of an active unit, attending the required drills and completing the two weeks of required training.

In addition, reservists who want VA financing must also meet another requirement. To obtain a home loan, you will need to continue your service, transfer to the Standby Reserve or Ready Reserve, receive an honorable discharge or get placed on the retired list.

The Veteran’s Administration also offers home loans to some other beneficiaries, including military cadets and public health service officers. An independent mortgage broker – like the team at Intercap Lending – can determine if you meet the VA home loan eligibility requirements.

At Intercap Lending, a leading Utah mortgage provider, we can also answer your questions about loan qualification, explain your home loan options and offer expert advice on financing a home purchase.

If you’re ready to become a Utah homeowner and are considering a VA home loan, contact Intercap Lending in Orem for a free consultation today.