Connect with us

Investment

How to Get a VA Home Loan

Published

on

VA Loan Words on tag with dollar note,smartphone,compass | How to Get a VA Home Loan | featured

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.

VA loans make homeownership more affordable for service people. To acquire this type of loan, veterans must comply with the proper application process.

RELATED: 10 Must-Know Things Before Applying for a VA Loan

What Is A VA Loan?

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. Although they do not provide the money for these loans, they guarantee the loans made by private lenders.

This guarantee makes it possible for veterans to purchase a home without a down payment and to negotiate mortgages at lower rates. It can also be used to refinance a property that was purchased under the VA program.

Home loans for veterans under the VA program can also be used to purchase specially adapted properties for veterans that have service-related disabilities. The program can also help Native American veterans to purchase property on tribal-held land.

Your Certificate of Eligibility

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 that shows 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 of the commander.

Eligibility is based on the length of service for both active duty members and reservists. Veterans no longer in the service should have their Service Records. Approval is dependent on Honorable Discharge of military service. Once the information is verified, the Department of Veterans Affairs will issue the Certificate.

Raven_Steel_Ad-V1
Raven_Steel_Ad-06

Select Your Property

The applicant can then begin to look at suitable properties to purchase. Although the VA does not set limits on the amount you can borrow for a primary residence, the program cannot assume liability for mortgage amounts above the service member’s entitlement.

The basic entitlement is set at $36,000, but that is not the maximum. The upper limit of this loan is determined by the location of the property you intend to purchase, and can be for several hundred thousand dollars. A loan specialist can help you determine how much you can qualify for.

Contact a VA Loan Specialist

A VA loan specialist can help you in many ways. He or she is a mortgage broker who can find better interest rates, get you qualified even with somewhat sketchy credit, and make the entire process much smoother.

Apply to Your Lender

Once you have found a suitable home, you will apply to a private lender that accepts VA loan guarantees. The service member must supply the Certificate of Eligibility when applying for the loan.

The lender may also require a Statement of Service, which serves as verification of employment in the military. Military veterans may be asked for records of retirement benefits or other sources of income.

Your Credit Record

Although your Certificate of Eligibility can help you to secure a mortgage, the lender is free to deny the loan if your credit records show payment problems. The veteran should always ensure that past debts are paid on time and in full to ensure a good credit rating.

Any problems should be negotiated with the debtor in advance of attempting to secure a loan. Your VA loan specialist can help you with that.

Approving Your Loan

The lender will then notify you of the approval of your loan with information about the mortgage rate. You will then be required to be at the closing of the loan to sign papers before you can take possession of the property.

VA Loans for Vets provides and assists all veterans and active-duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://www.valoansforvets.com/

Article Source: https://EzineArticles.com/expert/Genie_Fletcher/1334624

You Might Also Like:

Keep up to date with the latest finance news by following us on Facebook and Instagram.

Article Source: http://EzineArticles.com/

Click to comment

Leave a Reply

Your email address will not be published.

Subscribe To Our Newsletter:



Copyright © 2020 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

[email]
[email]