Mortgage loans guaranteed by the Department of Veterans Affairs (VA) are very beneficial to eligible servicemembers and veterans in Florida and other states. Florida VA mortgage loans offer highly competitive rates, no down payment, and no private mortgage insurance. One lesser-known benefit, however, is that the surviving spouse of a deceased eligible veteran can also use VA loan program.

For the surviving spouse to qualify, the deceased service person must have:

  • Died in the line of duty
  • Passed away from a service-related injury or disability
  • Been missing in action or a prisoner of war for 90 days
  • Have died from any cause after having been a totally disabled veteran for 10 years

In addition, surviving spouses are exempt from VA funding fees. This fee is based on a percentage of the loan amount, and it’s used to support the VA loan program, so this exemption could save the surviving spouse thousands of dollars over the life of the mortgage.

Most spouses can’t qualify if they’ve remarried, but those who remarried after the age of 57 and after December 16, 2003, may qualify. In fact, thousands of surviving spouses qualify each year for the VA mortgage loan. In 2014, 2,369 spouses qualified, and in 2015, the VA guaranteed mortgages for 3,116 spouses.

Surviving spouses may also qualify for streamlined mortgage refinancing through the VA. The streamline refinance option can lower the interest rate and the payments for existing VA loans. In addition, income verification is usually not required. The VA streamline refinance option can be very helpful for surviving spouses since income could be a problem if the service person has passed away. To qualify, the spouse must have been married to the eligible veteran at the time of death and be named on the original VA loan.

If the spouse is not on the original loan, he or she may still be able to use a VA cash-out loan to tap into the home’s equity. If you’re the surviving spouse of an eligible veteran and you’re interested in a Florida VA mortgage loan, call Embrace Home Loans today at 407-733-6425. We help veterans and surviving spouses get VA mortgages in Brevard County and across Florida. We can review your mortgage options and help you decide what might be right for you.

No related content found.