People who have served in those in the United States military either currently or in the past, are eligible for an VA loan to finance their principal home. VA loans help make home ownership easier and affordable for those who have served. In order to qualify for this kind loans, service members have to follow the correct application procedure. Click Here to qualify for your no money down home loan.
What Is A VA Loan?
The VA mortgage is a service offered from the Federal Department of Veterans Affairs to those who been in the military or currently serve. While they do not offer the funds for these loans, they do guarantee the loan made from private lender. This guarantees allow veterans to buy an apartment without having to make the need for a downpayment and also to negotiate lower mortgage rates. It is also possible to refinance property that was bought through the VA program. Veterans who qualify for home loans under the VA program are also used to buy specially designed homes for veterans who have disabilities related to service. This program may also assist Native American veterans to purchase the land owned by tribal tribes.
Your Certificate of Eligibility
If the applicant is currently within the army, they must visit the commander’s office, the adjutant or personnel office to obtain the Statement of Service which contains who is the person applying and their social security numbers, the date of birth, date of entry for active duty, the duration of any time lost along with the names of any commanders. The eligibility criteria is determined by the duration of service for both active duty and Reservists. Veterans who are no longer in service must have a Service Record. Approval is contingent on Honorable discharge of military service. After verification of the information then the Department of Veterans Affairs will issue the Certificate.
Select Your Property
The person applying for the loan will then be able to begin looking at properties that are suitable to purchase. While the VA does not have restrictions on how much you are able to borrow for your primary residence, it is not able to take on mortgages exceeding the amount of entitlement for a service member. The basic entitlement is $36,000, however, that’s not the maximum amount you can borrow. The maximum of the credit is determined by area of the property that you want to buy, and could be as high as hundreds of thousands of dollars. A specialist in loan will help you figure out the amount you are eligible for.
Contact a VA Loan Specialist
A VA loan specialist can assist you in a variety of ways. They are an expert in mortgages who can help you find lower interest rates, qualify you even if your credit isn’t perfect and help make the whole process much more smoother.
Apply to Your Lender
After you have found the right residence, you’ll make an application to a private lender that will accept VA guarantee on loans. The applicant must provide an official Certificate of Eligibility prior to seeking the loan. The lender might also request the Statement of Service which is a proof of service in the military. Veterans from the military might be required to provide proof of retirement benefits , or different sources of earnings.
Your Credit Record
While you may be eligible for a Certificate of Eligibility that could assist you in obtaining loans but the lender is able to decline the loan if your credit history show payment issues. A veteran must ensure that debts incurred in the past are paid punctually and completely to maintain a positive credit score. Any issues should be discussed with the debtor prior to of trying to get the loan. Your VA loan advisor can assist you in this.
Approving Your Loan
The lender will notify you of the acceptance of the loan, along with information regarding the mortgage rate. Then, you will be required to be present at the close of the loan to sign documents prior to taking possession of the property. To prequalify for a VA Home Loan, CLICK HERE!