their property to help them build equity and pay off their mortgage. But being a landlord also comes with risks, so be sure you can afford your mortgage if you can’t rent all your units. VA loans cannot be used to buy multiple residences to build real estate portfolios.
WHO IS ELIGIBLE FOR A VA LOAN?
VA loans are available to veterans, 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
Suppose a service member passes away before they use the benefit of a VA loan. In that case, eligibility passes to their
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