VA Loan Benefits for surviving Spouses in Royal Oak It’s never easy to lose someone you love, especially if you’re a surviving spouse of a service member who lost their life serving the US. Fortunately, the Federal Government provides benefits that can help surviving spouses move forward with their lives, such as VA loans. If you’re a surviving spouse of a member who died while serving, died later on from a military service-related injury, or was classified as MIA or POW, you may be able to qualify for this type of VA loan. If you’re eligible for this type of loan, there are several benefits you can take advantage of including: • Exempt from paying the VA funding fee – taking out a government-backed loan requires the borrower to pay a funding fee. As a surviving spouse, you get an exemption and don’t have to pay this fee. • No penalties for pre-paying your VA mortgage – whereas some loans require you to pay a pre-payment penalty, you won’t have to worry about this with a VA loan. • Not having to pay PMI (private mortgage insurance) – PMI is normally required when you don’t put 20% down on the purchase of a home. With a VA loan, no down payment is required and you don’t have to pay PMI. Fortunately, surviving spouses of fallen military members are provided benefits of a VA home loan, thereby enabling them to provide shelter for their children and themselves. https://maps.google.com/maps?cid=12393257419259215781