of a VA loan, eligibility passes to their surviving spouse if they have not remarried and meet the following requirements: • Service member died in the line of duty • Service member died as a result of a service-connected disability • Service member has been missing in action, or a prisoner of war, for at least 90 days • Service member was a totally disabled veteran for at least 10 years prior to death, and died from any cause • Surviving spouse remarried after the age of 57, on or after December 16, 2003.
TYPES OF VA LOANS
There are several types of VA home loans available to veterans, including a VA direct loan and three VA-backed loans.
VA Direct Home Loan
A VA direct home loan is when The U.S. Department of Veterans Affairs serves as your mortgage lender. This is the only VA loan that does not involve a third party lender like a bank, credit union or private mortgage lender. With a VA direct loan, the VA loans the money directly to the veteran. The full and formal name of the program is the Native American Direct Loan (NADL) program, and it is only available to Native American veterans and their Native American spouses. It can only be used to buy, build, or improve a home on federal trust land or a reservation. These loans often have better terms than a home loan from a private lender and have all the benefits of VA-backed loans, like no- money-down, no PMI, no early pay-off penalties, low funding fees and waivers for qualified VA-related disabled veterans. They do require minimum service requirements, and borrowers must qualify and be able to afford the mortgage. Plus, the home must 111
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