How does divorce affect military retirement?
How does divorce affect military retirement?
All 50 states treat military pension as marital or community property. As the benefits are statutory entitlements, they are automatic and not subject to negotiation or deviation by a divorce court and the member cannot confiscate the spouse’s ID card, or otherwise suspend the spouse’s military privileges.
What happens when you divorce a veteran?
Most monetary VA benefits, such as disability compensation and veterans pensions, simply remain with the eligible veteran following a divorce because payment is based entirely on their qualifying military service. As a rule, only current or surviving spouses and dependents factor into VA benefits decisions.
Can a divorced military spouse get a VA loan?
The veteran and a military spouse may apply for a VA loan and use VA loan benefits from both military members. Certain qualifying surviving spouses of military members who died as a result of military service may apply for a VA home loan.
Can I use my spouse’s credit score for a VA loan?
However, it’s a fortunate fact of VA home loans that there is no minimum credit score requirement. Your spouse’s credit score and debts won’t be counted on the application, as long as you don’t live in a community property state.
Can a veteran have 2 VA loans at the same time?
The VA allows veterans to have two VA loans at the same time in some situations, and eligible veterans can qualify for a VA loan even if they’ve defaulted on one in previous years. The time to act on your VA loan benefits again is now.
Can I rent out my house if I have a VA loan?
Renting out your home financed with a VA loan is an option. As a rule, VA loans are not used to purchase income property due to the owner-occupancy rule. But, once you’ve lived in the home, it is okay to vacate and rent out the home.
Can you buy land and build a house with a VA loan?
Buying land with a VA loan is possible, but it must be done simultaneously with constructing a new home. You can’t use a VA loan to purchase land by itself – even if you intend to build a home later.
Can you combine a VA loan with another loan?
Combined Loans If one member of the couple previously purchased a home with a VA loan and lacks full entitlement but has some to use on the new loan, this can be a good option for the couple. For combined loans, both spouses will have to meet credit and underwriting requirements.
Can I put my girlfriend on my VA loan?
girlfriend, boyfriend, significant other) who is not his or her spouse in obtaining a VA loan? Yes, but the guaranty is based only on the veteran’s portion of the loan. Unlike other loans, the lender must submit joint loans to VA for approval before they are made. Both incomes can be used to qualify for the loan.
Can my dad cosign on a VA loan?
It’s true that the legally married spouse of a military member or veteran can co-sign a VA loan. There is no penalty for doing so; the veteran loan is still fully guaranteed by the VA. Two unmarried military members are also able to co-sign on a VA loan with the same results.
Can 2 unmarried veterans buy a house together?
According to the VA, it is possible to buy a home through the VA Home Loan program with a co-borrower who is not your spouse or eligible for VA benefits. This is called a “Joint VA Loan.” If you are applying by yourself or with your spouse, the process is pretty simple.
Can a spouse qualify for a VA loan?
To get a VA-backed home loan as the surviving spouse of a Veteran, you’ll need a Certificate of Eligibility (COE) to show your lender that you qualify for this benefit. Find out if you can get a COE. Keep in mind that you’ll also need to meet your lender’s credit and income requirements to get a loan.
Does a widow of a veteran qualify for a VA loan?
New law extends VA loan eligibility to more surviving spouses. Now a veteran’s death does not have to be duty-related for the widow to become eligible for VA home loan benefits. Military widows can now be eligible if the veteran was rated totally disabled and eligible for compensation prior to death by any cause.
What benefits do veterans get when they die?
The veteran’s family or representative can apply for a veterans burial allowance (or veterans death benefit), in certain cases. These include veterans receiving a VA pension or compensation. The burial allowance can help pay for burial, funeral, and transportation costs.
What happens to a VA loan when the veteran dies and the spouse is not on the loan?
VA borrowers might assume that if they die, the VA loan guaranty would pay off the remaining balance of the VA mortgage, but this is not true. In cases where the borrower dies but has no co-borrower or surviving spouse, the veteran’s estate would be responsible for the VA guaranteed mortgage.
