How to get a va home loan
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How to Get a VA Home Loan
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Those who have given service to the United States military either currently or in the past are eligible to apply for a VA loan for their primary residence.
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To acquire a VA home loan, veterans must comply with the proper application process.
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What is a VA LOAN?
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A VA home loan is a program offered by the Federal Department of Veterans Affairs for those who have served in the military or are currently serving.
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Although they do not provide the money for these loans, they guarantee the loans made by private lenders.
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This guarantee makes it possible for veterans to purchase a home without a down payment and to negotiate mortgages at lower rates.
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A VA loan can also be used to refinance a property that was purchased under the VA program.
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Home loans for veterans under the VA program can also be used to purchase specially adapted properties for veterans that have service-related disabilities.
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The program can also help Native American veterans to purchase property on tribal-held land.
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Your Certificate of Eligibility
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If the service person is currently serving in the military, the applicant should go to his or her commander, personnel office or adjutant to secure a Statement of Service.
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It must show the name of the applicant, the social security number, date of birth, entry date on active duty, duration of any lost time and the name ofthe commander.
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Eligibility is based on the length of service for both active duty members and reservists.
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Veterans no longer in the service should have their Service Record.
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Approval is dependent onHonorable Dischargeof military service.
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Once the information is verified, the Department of Veterans Affairswill issue the Certificate.
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Select Your Property
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The applicant can then begin to look at suitable properties to purchase.
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Although the VA does not set limits on the amount you can borrow for a primary residence …
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the program cannot assume liability for mortgage amounts above the service member’s entitlement.
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Basic entitlement is set at $36,000, but that is not the maximum.
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The upper limit of a VA loan is determined by the location of the property you intend to purchase, and can be for much more.
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A VA loan specialist can help youdetermine how much you can qualify for.
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Contact a VA Loan Specialist
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He or she is a mortgage broker who can:• find better interest rates• get you qualified even with lower credit
scores• make the entire process much smoother
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Apply to Your Lender
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Once you have found a suitable home, you will apply to a private lender that accepts VA loan guarantees.
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The service member must supply the Certificate of Eligibility whenapplying for the loan.
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The lender may also require a Statement of Service, which servesas verification of employment in the military.
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Military veterans may be asked for records of retirement benefits or other sources of income.
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Your Credit Record
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Although your Certificate of Eligibility can help you to secure a mortgage …
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the lender is free to deny the loan if yourcredit record shows payment problems.
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The veteran should always ensure that past debts are paid on time and in full to ensure a good credit rating.
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Any problems should be negotiated with the debtor in advance of attempting to secure a VA loan.
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Your VA loan specialist can help you with that.
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Approving Your Loan
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The lender will then notify you of the approval of your loan with information about the mortgage rate.
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You will then be required to be at the closing of the loan to sign papers before you can take possession of the property.
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VA Loan Specialist Jimmy Vercellino helps veterans obtain the VA loans they are entitled to.
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VA Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan financing needs.
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Be a proud homeowner today!FOR MORE DETAILS CALL US
480-351-5904
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www.valoansforvets.com