VA Loan Guide for Spouses

VA loans don’t only offer unparalleled benefits to service members and veterans–they can also help make homeownership more accessible and affordable for the families of these heroes. 

VA loans can offer life-changing opportunities to spouses and surviving spouses, and at Commander Mortgage, we’re dedicated to assisting with the VA loan process. However, we know that understanding the eligibility requirements and navigating the application process can be a challenge for some. That’s why we’re here to offer guidance to military spouses, ensuring they receive the benefits they are entitled to with expert guidance and a seamless loan process. 

Below, we’ve put together an all-in-one guide for military spouses, providing everything you need to know to handle the VA loan process with ease and confidence.

Understanding VA Loan Eligibility for Spouses–Who Qualifies?

Certain spouses of service members and veterans are eligible for a VA loan under the following conditions:

• Spouses of active-duty service members who have been declared missing in action (MIA) or prisoners of war (POW).
• Surviving spouses of veterans who:
  
  • Died in service.
  • Passed away due to a service-connected disability.
  • Were totally disabled due to service-connected causes, even if the death was not directly related to the disability.

It’s important to note that marital status plays a role in eligibility for surviving spouses.

• Unremarried surviving spouses can access full VA loan benefits.
• Remarried spouses may retain eligibility only if they remarried after turning 57 and after December 16, 2003.

If you are uncertain about your eligibility, Commander Mortgage can help verify your status and guide you through the next steps.

VA Loan Benefits for Spouses

VA loans offer exclusive advantages that make homebuying more affordable for military spouses, helping them achieve their dream of homeownership. 

As a spouse, you can take advantage of the following benefits:

• No Down Payment: Unlike conventional loans, which often require substantial upfront costs, VA loans allow qualified spouses to finance 100% of the home's value. 
• Competitive Interest Rates: VA-backed loans often have lower rates than conventional loans.
• No Private Mortgage Insurance (PMI): Unlike conventional loans, there is no PMI requirement with a VA loan, reducing monthly costs and making homeownership more affordable.
• Limited Closing Costs: The VA limits fees lenders can charge, reducing out-of-pocket expenses.
• Benefit Reusability: Eligible spouses can also reuse VA loan benefits if they decide to purchase another home in the future.

With these incredible advantages, VA loans stand out as a fantastic option when compared to conventional loans. Start the process today to begin your path to homeownership and financial security!

Certificate of Eligibility (COE) for Spouses

Before applying for a VA loan, every borrower–including spouses–must obtain a Certificate of Eligibility (COE). The COE is a document that confirms your entitlement to a VA loan; it’s required by lenders to proceed with your loan application.

For surviving spouses, securing a COE involves submitting the necessary documentation, including:

• Marriage certificate: Proof of your marriage to the service member.
• Death certificate: Verification of the service member’s passing.
• VA Form 26-1817: Required if applying for eligibility as a surviving spouse.
• VA Form 21P-534EZ, if applying for Dependency and Indemnity Compensation.

While gathering these documents may seem overwhelming, Commander Mortgage is always on your side to help with the process. We can help you compile and submit all necessary paperwork.

VA Loan Process for Spouses & Surviving Spouses

Navigating the VA loan process as a spouse can feel overwhelming, but when broken down into steps, it’s simple to tackle. 

Below is a step-by-step guide tailored specifically for spouses using VA loan benefits.

1. Confirm Your VA Loan Eligibility

Before beginning the application process, it’s essential to determine whether you meet the eligibility requirements. If you're unsure, Commander Mortgage can help verify your eligibility.

2. Apply for a Certificate of Eligibility (COE)

As noted above, the Certificate of Eligibility (COE) is required to prove your entitlement to a VA loan. You can apply for a COE through the VA website or work with your lender to obtain one. 

3. Get Pre-Approved for a VA Loan

Getting pre-approved for your VA loan helps you understand your budget and strengthens your position as a buyer. During pre-approval, your lender will assess your financial and credit history to determine how much you qualify to borrow, ensuring you’re looking at homes you can afford.

4. Start House Hunting

Once pre-approved, you can start the fun part–searching for your dream home! It’s important to keep VA loan property requirements in mind along the way, though, as not all homes qualify for VA financing; they must meet certain standards regarding quality and livability. Working with a real estate agent who understands VA loans can be incredibly beneficial in finding properties that fit both your needs and the VA’s criteria.

5. Complete Your VA Loan Application

After selecting a house you can picture as your home, you’ll move forward with the official loan application. Now it’s time to submit personal identification, your COE, proof of income, asset statements, and debt information. 

6. VA Appraisal

Before your loan is finalized, the VA will send an appraiser to confirm that the home’s value aligns with the purchase price and meets VA requirements. This appraisal process protects you as a buyer. If there’s any issue, Commander Mortgage will work with you towards the best possible solution. 

7. Underwriting, Final Approval, and Closing

Time to wrap things up! Finally, your lender will review your documents and approve your loan. Then, at closing, you’ll sign the final paperwork, and once everything is finalized, you’ll receive the keys to your new home. Congratulations—you’re officially a homeowner!

Special Considerations for Surviving Spouses

For surviving spouses, there are additional VA benefits and considerations, including:

• VA Loan Funding Fee Exemption: Surviving spouses don’t have to pay the VA loan funding fee, reducing overall costs.
• Refinancing Options: The VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance at a lower rate.
• Home Adaptation Grants: Disabled surviving spouses may qualify for VA Specially Adapted Housing (SAH) grants to modify a home for accessibility.

At Commander Mortgage, we’re dedicated to helping surviving spouses maximize their benefits.

Why Choose Commander Mortgage?

All in all, VA loans offer an incredible opportunity for military spouses to achieve financial stability and homeownership with fantastic benefits. Whether you are a surviving spouse seeking to understand your eligibility or an active-duty spouse looking to purchase a home, Commander Mortgage is here to help.

At Commander Mortgage, we recognize the sacrifices that military families make. That’s why we’ve made an unwavering commitment to provide the best possible support for spouses and surviving spouses seeking VA loans. 

Contact us today to begin your VA loan journey and secure the home you’ve always dreamed of–and deserve.