Thursday, July 11, 2024

Can Dependents Get Va Loan

Don't Miss

Does My Spouses Credit Score Affect My Va Loan

Q& A: Can dependent children use the VA loan benefit?

In many states, the lender wont consider your spouses credit score if they arent on the loan. But if you add your spouse as a co-borrower, their credit score will affect your VA loan.

Keep in mind that the VA loan is a non-conforming loan, and while the VA doesnt have any set minimum credit score requirements, lenders do. Rocket Mortgage® requires clients to have at least a 580 median FICO® Score. If your spouse has a bad credit score, adding them as a co-borrower would impact your approval chances.

Can I Get A Coe

You may be able to get a COE if youre the spouse of a Veteran, and at least one of the descriptions below is true for them.

At least one of these must be true. The Veteran:

  • Is missing in action, or
  • Is a prisoner of war , or
  • Died while in service or from a service-connected disability and you didnt remarry, or
  • Died while in service or from a service-connected disability and you didnt remarry before you were 57 years old or before December 16, 2003, or
  • Had been totally disabled and then died, but their disability may not have been the cause of death

Note: A surviving spouse who remarried before December 16, 2003, and on or after their 57th birthday, must have applied no later than December 15, 2004, to establish home loan eligibility. Well have to deny applications we received after December 15, 2004, from surviving spouses who remarried before December 16, 2003.

Va Home Loan Guaranty:

A VA loan guaranty to acquire a home may be available to an unmarried spouse of a Veteran or Servicemember who died as a result of service-connected disabilities, a surviving spouse who remarries after age 57, or to a spouse of a Servicemember officially listed as MIA or who is currently a POW for more than 90 days. Spouses of those listed MIA/POW are limited to one loan. Surviving spouses of certain totally disabled Veterans, whose disability may not have been the cause of death, may also be eligible for VA loan guaranty.

Also Check: What Credit Bureau Does Usaa Use For Auto Loans

Benefits For Children Of Veterans: Are My Kids Covered By The Va

One of the questions that veterans most commonly ask is how their military service benefits their children. If youre wondering whether there are VA benefits for children of disabled veterans, the answer is a resounding YES!

Benefits for children of veterans range from education and tuition help to pension benefits. There are also death benefits for children of veterans that can assist when a veteran passes away. Dependent children of a veteran or service member may also qualify for health care and life insurance.

In the event of a veterans death, children may be eligible for added benefits, including help with burial costs and survivor compensation.

In this guide, we cover some of the top benefits for children of veterans and help you learn how your children may benefit from your service!

To discover a wealth of local benefits for you and your family beyond these federal benefits for children of veterans, be sure to check out our comprehensive guide 2022 Disabled Veteran Benefits by State and Territory. Select your state to learn about a wide range of benefits available to veterans and their families!


Take advantage of a FREE VA Claim Discovery Call with an experienced Team Member. Learn what youve been missing so you can FINALLY get the disability rating and compensation youve earned for your service.

How Can Divorce Affect A Va Loan

Can A Military Dependent Get A Va Loan

The VA loan is designed to help veterans achieve the dream of homeownership. With that, there are very strict occupancy requirements that you wouldnt have to worry about with most other types of mortgages.

First, ex-spouses of service members arent eligible for a new VA loan. Thats a relatively cut and dried rule. But if you and your former spouse are on the same VA loan together, it gets a bit more complicated.

In the event of a divorce, the civilian spouse can remain in the home if they were a co-signer on the loan. But if the civilian spouse wasnt a co-signer, they cannot stay in the home if the veteran has moved out.

If the civilian spouse keeps the home, and the mortgage, there are also entitlement issues to consider. The service member wont be able to restore their entitlement until their ex refinances the loan or pays off the existing VA loan.

The finances post-divorce are never easy. But a VA loan can throw more complications into the mix.

Also Check: Transfer Loan To Another Person

How The Va Home Loan Benefit Extends To Spouses

Losing a spouse is a devastating event. For the surviving spouses of veterans and military members, VA home loan programs can help ease the burden of getting life back on track. The Department of Veterans Affairs backs purchase, cash-out refinance, and interest rate reduction refinance loans that can make purchasing or refinancing a home more affordable.

Here are key facts to know about eligibility and benefits. Please speak with one of our Loan Advisors for more details. Freedom Mortgage is the #1 VA Lender1 in the USA.

What Is A Va Loan Assumption

Veterans or service members who have an existing VA home loan can pass on the debt to someone else through a process referred to as a VA loan assumption.

In a VA loan assumption, youre signing over your VA mortgage loan and the property to an eligible buyer. The assuming borrower must be financially qualified for the home loan. Under the VA Pamphlet 26-7, section 5-23, the seller who wishes to have their VA mortgage assumed must be current or brought to current once the VA loan assumption is approved.

If the VA loan was closed before March 1, 1998, it is freely assumable and doesnt require the approval of the lender. However, if the loan was closed after the said date, you have to work with a lender to start the VA loan assumption process.

The veteran seller of the VA loan and property must get a mortgage liability release from the lender. If not, the previous owner of the VA home loan will receive a negative mark on their credit report if the buyer fails to pay off the loan.

Recommended Reading: Auto Loan Usaa

How Do I Get These Benefits

Youll need to apply.

There are 2 main GI Bill programs offering educational assistance to survivors and dependents of Veterans.

The is for children and spouses of:

  • Active-duty service members who died in the line of duty on or after September 11, 2001, or
  • Members of the Selected Reserve who died from a service-connected disability on or after September 11, 2001

The Survivors and Dependents Educational Assistance program offers education and training to qualified dependents of Veterans who:

  • Are permanently and totally disabled because of a service-related condition, or
  • Died while on active duty or as a result of a service-related condition

Are There Veteran Benefits For Caregivers

Back Pay for VA Disability | How far back does VA Disability Pay? | Veterans Benefits | theSITREP

If youre caring for a veteran parent, you may also qualify for additional support to help you care for the veteran, as well as for yourself, through the Program of Comprehensive Assistance for Family Caregivers .

Eligible participants may receive benefits including a financial stipend, access to health insurance, counseling, caregiver training, respite care, and more.

You May Like: Credit Score Needed For Usaa Personal Loan

Get The Financial Or Educational Help You Need Now

As you can see, there are many benefits for children of Veterans in the U.S. From pensions to school grants and healthcare you may qualify for all these programs. Aside from the Veterans Affairs, your state or local governments may also help.

The National Veterans Foundation can help with more information and resources. Please dont hesitate to connect with us so that we can assist you in getting the benefits you deserve.

You can be a part of our mission to help Veterans by making a tax-deductible donation!

Spina Bifida Health Care Benefits Program

VA provides monetary allowances, vocational training, and rehabilitation and VA-financed healthcare benefits to certain Korea and Vietnam veterans birth children who have been diagnosed with spina bifida. For the purposes of the VA Spina Bifida Health Care Program, spina bifida is defined as all forms or manifestations of spina bifida, except spina bifida occulta.

Don’t Miss: The Mlo Endorsement To A License Is A Requirement Of

Can A Child Use A Parents Va Loan

This post may contain affiliate links. Which means we may earn a commission if you decide to make a purchase through our links. Please read our disclosure for more info.

Veterans and service members can turn to VA loans if they need financial assistance for a home purchase. What about their children? Can a child use a parents VA loan?

Can I use my fathers VA benefits? No. You need to be a veteran, current service member, or a surviving spouse of a veteran if you wish to qualify for a VA loan. However, the government has set various programs in place to help the spouse, child, and even parents of a veteran or service member.

For instance, a GI Bill benefit can be transferred to a dependent child or spouse. But this isnt the case with a VA home loan. It cant be transferred to either dependent or non-dependent children. Under the VA rules, only the eligible veteran and the legally married spouse can benefit from it.

VA loan benefits dont extend to the children of veterans or service members. The coverage only applies to the veteran or service member, and the spouse. Ifeligible and approved, the spouse may be able to use the VA loan benefit after the death of the veteran or service member.

What Happens To A Va Home Loan If The Veteran Dies

VA Loan For An Investment Property

The U.S. Department of Veterans Affairs guarantees home loans for eligible military members, veterans, and their spouses. VA loans offer tremendous benefits, including low interest rates, as little as $0 down with no private mortgage insurance, and streamlined refinancing options.

However, many people dont understand what happens if the veteran passes away with a VA mortgage on the house. There is also some confusion surrounding VA loans for surviving spouses of deceased military veterans. Learn more about your options so you know how to proceed.

Read Also: Usaa Personal Loan Credit Score

Aid And Attendance And Housebound Benefits

Surviving spouses who are eligible for DIC or survivors pension may also be eligible for Aid and Attendance or Housebound benefits. They may apply for these benefits by writing to their VA regional office. They should include copies of any evidence, preferably a report from 2014 Survivors Pension Rates an attending physician or a nursing home, validating the need for aid and attendance or housebound care. The report should contain sufficient detail to determine whether there is disease or injury producing physical or mental impairment, loss of coordination, or conditions affecting the ability to dress and undress, to feed oneself, to attend to sanitary needs, and to keep oneself ordinarily clean and presentable. In addition, it is necessary to determine whether the surviving spouse is confined to the home or immediate premises.

Chapter 35 Educational Benefits

Among the primary V.A. education benefits for children of Vets is Chapter 35. If you qualify, you can get education and training, as well as money to pay for your tuition fees. The department can even help you cover the cost of school books, supplies, and housing.

There are two main V.A. educational programs available. First is the Marine Gunnery Sergeant John David Fry Scholarship. Children of Servicemembers who died on duty after September 10, 2001, can qualify.

The second is the Survivors and Dependents Educational Assistance program. This provides educational and training benefits to the dependents of disabled Veterans. Children of Vets may also qualify.

Don’t Miss: Usaa Personal Loan Approval Odds

What Benefits Are Available For My Dependents

Dependents of disabled veterans may qualify for many VA programs. VA offers employment services, education and training such as The Dependents Educational Assistance Program, healthcare such as CHAMPVA and The Camp Lejeune Family Member Program, life insurance, and VA memorial benefits to eligible dependents of service-connected veterans.

Va Loan Requirements For A Surviving Spouse

VA Disability & Social Security Disability Insurance | VA & SSDI | Social Security | theSITREP

The Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 changed the borrowing landscape for surviving spouses pursuing a VA loan. Before 2012, military members must have died of military-related causes in order for their spouses to apply for the VA loan.

But after 2012, the requirements expanded to include surviving spouses in the following situations:

  • Your spouse died in service or from a service-related disability.
  • Your spouse was missing in action or a prisoner of war for a period of at least 90 days.
  • Your spouse was rated totally disabled from their service and died of unrelated causes.
  • You didnt remarry after losing your spouse.

The exact eligibility requirements for surviving spouses can vary based on the types of VA loan you are pursuing. If you believe you qualify for a VA loan as a surviving spouse, then youll need to apply for a certificate of eligibility .

Get preapproved to buy a home.

Rocket Mortgage® lets you get to house hunting sooner.

Read Also: Usaa Bad Credit Auto Loans

How To Get Navient Student Loan Forgiveness In 4 Steps

FutureFuel Advertiser Disclosure

Our team at FutureFuel works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. FutureFuel is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertising Disclosure: Some of the links in this post are from our sponsors. We may get paid when you click a link. We strive to introduce you only to unbiased and honest recommendations however, any opinions, analyses or reviews that may be presented are those of the authors alone, and have not been approved or otherwise endorsed by

Higher education costs and increasing student loan debt has led to things like loan discharges and student loan forgiveness. One of the oldest companies to understand that and offer a solution was the Navient Student Loan Forgiveness program.

Questions You May Have

If your debt was created between April 6, 2020, and September 30, 2021

Our Debt Management Center will send you a debt notification letter. Were sending these letters over a period of several months, starting October 1, 2021. So, you may not receive yours right away.

During this time, we may send you informational letters to keep you updated on your debt balance. Informational letters will state that no action is required. You dont have to do anything until you receive your debt notification letter. But if you choose, you can still repay your debt in full or request help now.

If your debt is created on or after October 1, 2021

You should receive your debt notification letter from our VA Debt Management Center 30 days after your VA regional office creates the debt.

COVID-19 debt relief options for VA benefit debts include:

Contact our VA Debt Management Center. We can help you set up a repayment plan or adjust your current repayment plan. Well work with you to develop a plan that works for your situation.

Contact our VA Debt Management Center. Well help you set up a plan that works for your situation.

Contact our Health Resource Center at . Were here Monday through Friday, 8:00 a.m. to 8:00 p.m. ET.

If you have hearing loss and need help to make a TTY call, call .

You can also review your copay bills and current balances online and find out how to make a payment or request help.

If you have hearing loss and need help to make a TTY call, call .

Don’t Miss: Can You Refinance With An Fha Loan

Other Student Loan Aids

Some private organizations offer to help veterans pay their loans. Some may provide aid in the form a huge one-time payment. Others may provide student loan repayment plans.

RELATED: Student Loan Forgiveness for Military

Student loan forgiveness for veterans is the least we can do for our countrymen who sacrifice their lives for us. It also encourages the next generation to serve their country through the military.

Theres no better way to show thanks to our veterans than the continuous support for student loan forgiveness for them.

How To Apply For A Coe

Am I Eligible for a VA Loan â America

The application process varies depending on whether youre receiving Dependency and Indemnity Compensation or not.

  • If youre receiving DIC benefits, fill out a Request for Determination of Loan Guaranty EligibilityUnmarried Surviving Spouses . You will also need the veterans DD214 or other separation papers. Submit the VA form and discharge/separation papers to your lender or the VA regional loan center that serves your state.
  • If youre not receiving DIC benefits, fill out an Application for DIC, Survivors Pension and/or Accrued Benefits . Youll also need the veterans DD214 or other separation papers, a copy of your marriage license, and the veterans death certificate. Submit the VA form and other documents to the VA pension management center that serves your state.

Don’t Miss: Ida Auto Finance

More articles

Popular Articles