AM I ELIGIBLE FORA VA LOAN?

One of the best loans for buying a home in terms of low interest rates and no down payment is a Veterans Administration (VA) loan.

WHAT IS A VA LOAN?

VA loans are made by private lenders such as banks and mortgage companies but are guaranteed by the Federal Government.

This means the private lender is protected against a financial loss if the borrower fails to repay the loan for any reason.

A VA loan can only be secured on property the borrower intends to make their personal residence on a full-time basis.

Because these loans are guaranteed by the Federal Government, lenders are taking less risk and can offer lower interest rates than on conventional loans.

VA loans also do not require a down payment in order to buy the property.

WHO IS ELIGIBLE FOR A VA LOAN?

In order to qualify for a VA loan, you have to be able to answer “yes” to any one of the following questions:

1. Have you have served 90 consecutive days of active service during wartime? 2. Have you served 181 days of active service during peacetime?

3. Have you more than 6 years of service in the National Guard or Reserves? 4. Are you the spouse of a service member who has died in the line of duty or as a result of a service-related disability?

HOW DO YOU PROCEED IN ACQUIRING A VA LOAN?

To start the process, you need to secure a Certificate of Eligibility (COE) from the Veterans Administration that verifies your loan eligibility. Once you have received your COE, you can begin.

FIND A VA HOME LOAN SPECIALIST #1

Working with a mortgage broker who specializes in handling VA loan transactions is not a requirement but is strongly suggested, especially for first-time buyers.

#2 FIND A LENDER

Next, you’ll need to locate a lender who participates in the VA lending program. Your VA Loan Specialist will help with this.

#3 GET PRE-QUALIFIED

Again, this is not a requirement at this point, but knowing the amount of the loan you can qualify for before you begin shopping for houses is a huge advantage.

#4 FIND A HOME, MAKE AN OFFER AND SIGN A PURCHASE AGREEMENT

Work with your real estate agent to locate a home you wish to purchase. Their job is to negotiate a purchase agreement between you and the seller that includes a VA option clause.

Once the sale terms are agreed upon, the agent writes a purchase agreement for both parties to sign and submits the agreement to the lender.

#5 VA APPRAISAL

The lender will order an inspection of the property by a VA inspector to determine if any corrections or improvements need to be made in order to qualify the property for the size of the loan requested.

Once the property inspection has been successfully completed, the lender can move forward.

#6 CLOSING

The lender will work with your real estate agent, VA loan specialist and a title company to coordinate signing loan documents.

#7 SECURE THE KEYS

The house is yours!

Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.  

For more details call 480-351-5904. Visit the site at https://www.valoansforvets.com/va-loan-eligibility/

VA LOANS FOR VETS7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: jimmyv@fcbmtg.com