Suppose your father is a vet and though you are no longer dependent on him, are eligible for the VA home loans? This is a question that reveals the misconception that surround who is allowed to use VA loan benefits and privileges. There are also other variations that can be deduced from this questions such as if the parent is or was eligible for VA loan benefits, does it imply that the surviving dependants are also eligible to such benefits. Can children get access to their parent’s VA benefits if the parents are still alive? These are some of the concerns we will try to address in this short article.
Unfortunately, it should be understood that no VA loan benefit is ever transferrable to the dependants whether the parents are alive or dead hence the response to all the above concerns is a big NO. It is easy to get confused under the provisions of the GI Bill that VA home loan benefits can actually be transferred to the dependants but this is not real at all.
This is however not an implication that a man and his wife cannot apply for VA home loan benefits. As per the provisions of the VA program, it is legal for a qualified veteran and their spouse to apply for the loan jointly where they will have joint ownership of the property should their application go through. But this must only be done with each of the vets full VA loan entitlement disclosed during the transaction. This is due to the fact that there are situations when a vet might marry a non vet spouse and they decide to jointly apply for the VA home loans.
It is however important to note that though this can be extended to the spouse of the vets, there is still no law that extends the VA home loan benefits to the parents or the children or any other dependant of the veterans. It therefore implies that no such parties have the legal mandate to apply for the VA loans using the entitlement of the veteran.
The only benefit that such dependants can enjoy with regards to the VA home loans is to live with the veterans in the house they purchase with the loan. But this must also be done in accordance with the VA loan occupancy policy as well as some specific conditions that might be put forth by the lender. For more information about this, seek the educated advice of your loan officer so that you be on the clear.
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We specialize in offering different kinds of loans ranging from VA home loans, FHA loans and we also offer refinance mortgage services. We are a team of experienced and highly skilled lenders who have been in the industry for the last three decades and have hence developed the skills and knowledge necessary to ensure that you get the best of every loan application you make. Talk to us today and enjoy the massive benefits that many homeowners have enjoyed when they needed our assistance to secure their homes.