VA Loans for Dependent Children of Veterans?

There’s a common question about VA home loans related to eligibility that comes up frequently:

“My father is veteran, does his status allow me to qualify for a VA home loan?”

The short answer to this question is no. VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances.

Some non-veterans are allowed to apply. The VA official site describes who may do so under the current rules of the VA loan program. “You may also apply for eligibility if you fall into one of the following categories:

• Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
• Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others.”

When answering the commonly asked question above, if the person falls into one of the above categories, the answer would be different than if the dependent child had no such potential qualifying status.

In situations where the dependent of a qualified VA borrower wants the advantages of a VA home loan, a veteran could look to purchase a home and then later have a dependent assume the loan. Generally, VA loans are assumable, although not all lenders permit them.

For more information about VA loan eligibility or VA loan assumptions, speak to a loan officer or contact the Department of Veterans Affairs directly.