Who is eligible for VA loans?

Study for the CFPB Mortgage Compliance Test. Learn with detailed quizzes and flashcards. Understand the key concepts, regulations, and guidelines with comprehensive explanations. Get ready to ace your exam!

The correct choice highlights that eligibility for VA loans extends not only to veterans but also to active-duty service members and certain members of the National Guard and Reserves. This broad inclusion is a critical aspect of the VA loan program, established to provide housing benefits as a form of recognition and support for those who have served in the military.

Veterans are naturally eligible due to their service, while active-duty service members are included to assist them during their time in service. Additionally, select members of the National Guard and Reserves can access these benefits, recognizing that these groups also contribute significantly to national defense and security. The VA loan program is designed to ease the financial burden of purchasing a home, providing favorable loan terms and conditions.

In contrast, other options may limit eligibility in ways that do not align with the intent of the VA loan program. By specifying only veterans or including civilians does not capture the full breadth of individuals recognized by the VA. Therefore, understanding the exact eligibility criteria is crucial for anyone seeking to benefit from VA loans.

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