Who is eligible to receive a VA loan?

The eligibility to receive a VA loan primarily extends to veterans and the spouses of deceased veterans. This program, which is backed by the U.S. Department of Veterans Affairs, is designed to assist those who have served in the military by providing favorable loan terms.

Veterans who have met specific service requirements can access these loans, which often come with benefits such as no down payment and no private mortgage insurance (PMI). The inclusion of the deceased veteran's spouse is significant, as it ensures that families left behind by those who served can still benefit from the support intended for military personnel.

While first-time homebuyers have different programs available to assist them, they are not specifically eligible for VA loans unless they meet the service criteria established by the VA. Therefore, only active-duty military personnel and veterans of foreign wars alone do not encompass the full scope of VA loan eligibility, as they exclude the spouses of deceased veterans who can also access these loans.