(1) To qualify for a veteran's loan, an applicant must:

(a) be a Montana resident;

(b) be an eligible veteran or a deceased eligible veteran's surviving spouse who is not and has not remarried since the death of the deceased eligible veteran;

(c) be a first time home buyer; and

(d) have successfully completed a homebuyer education class approved by the board.

(2) There is no income limit for veteran's loan eligibility.