VA loans cannot be used to buy multiple residences to build real estate portfolios.
WHO IS ELIGIBLE FOR A VA LOAN?
VA loans are not only available to veterans, but also to other classes of military members and surviving spouses.
The list of eligible borrowers for a VA loan includes:
• Active-duty service members • Members of the National Guard • Reservists • Surviving spouses of veterans • Cadets at the U.S. Military, Air Force or Coast Guard Academy • Midshipmen at the U.S. Naval Academy • Officers at the National Oceanic & Atmospheric Administration.
A minimum term of service is typically required.
Those terms are:
• Served 181 days of active duty during peacetime • Served 90 days of active duty during wartime • Served six years in the Reserves or National Guard A veteran’s eligibility for the VA home loan program never expires.
Surviving Spouses requirements
If a service member passes away before he or she uses the benefit
110
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