Who Is Eligible For A VA Home Loan?
Many veterans are able to use the benefits that they are awarded during their time of service in order to make their lives better after they are discharged. Those around them are often able to take advantage of these benefits. One huge benefit of the VA cash out refinance process is that it makes purchasing a house and getting rid of debt much easier. With this program, a veteran is able to take out a loan that is larger than a loan that he or she has already been awarded or get rid of a loan that is currently open on his or her account. These loans tend to have lower interest rates and are easier to pay off than loans that a veteran could get from other lenders. However, in order to go through the cash out refinance process, a veteran or a member of the veteran's family needs to prove that he or she is eligible for a VA home loan. Here are the different types of people that are able to claim this eligibility.
1. Veterans Who Have Served and Been Honorably Discharged
The first type of person that is able to gain the advantage of the VA cash out refinance process are those who have gone through active service in the US military and were honorably discharged. These people have served their country and will be able to get all of the benefits that this sacrifice entails.
2. People Who Are Currently Serving
Another type of person that is able to go through this process is a person who is currently serving in the US military. This is especially helpful if that person is married and wants to allow his or her spouse to purchase a house while he or she is serving.
3. People Who Are in Reserve
If a person is in the military reserve, then he or she is eligible to get a VA home loan and therefore eligible for the VA cash out refinance process.
4. People Whose Spouses Served and Died, But Did Not Remarry
If a person was married to a person who was in the military and he or she passed away and that person did not get married, then he or she is eligible for a VA home loan.
5. People Who Worked for the Public Health and National Oceanic and Atmospheric Administration
Those who worked for the Public Health and National Oceanic and Atmospheric Administration are also eligible to go through the VA cash out refinance process.
For more information, talk to the Office of Veteran Affairs.