Mortgages are for military and veterans who meet the requirements of the Department of Veterans Affairs, but what about a non-military outgoing spouse of a veteran? What will happen to a VA loan if a couple divorces? The VA home loan is for military personnel who meet the minimum requirements. Certain surviving spouses may, at the discretion of the Department of Veterans Affairs, be eligible for the DE loan. But what about a veteran`s divorced, non-military spouse? The basics of a home loan are quite simple: a veteran can claim a VA loan if he has done his full term in the army or if he has been honorably dismissed. The positive side of marriage is that most VA loan applications are actually preferred when the person is married, as this means less chance that the mortgage will not be paid. When a VA loan is granted, the spouse married to the Veteran receives all VA benefits as long as that person remains married to the Veteran. The VA Lender`s Manual, VA Pamphlet 26-7, is under discussion as to who is entitled to apply for a VA mortgage, refinancing loan, construction loan, etc. The VA Loan Act makes it clear that the VA credit benefit is specifically linked to the Veteran. This is an important detail to remember when considering divorce issues between military and non-military spouses. For more information about divorce and VA home credit, please contact your local VA office. To find the office goes nearby, go to VA Loan Government Page. The Department of Veterans Affairs allows financially qualified candidates to take on a VA home loan from the original borrower. This is important for military personnel going through a divorce – it`s important to know the following rule from VA Pamphlet 26-7: It`s no secret that divorces can be long and often a difficult process that leads to an enormous amount of compromise and pain between the two parties.
While many aspects of divorce can be challenging, housing should not be necessary, including homes that have also been purchased with loans. Indeed, the rules applicable to veterans with respect to loans go above and divorces are simple and should be strictly adhered to, as they could either make or break the compromises that these individuals and their spouses have made so far. . . .