Obtaining a VA Loan

 

Obtaining a VA Loan starts with determining your eligibility. In general, if you served in the military and were discharged under anything other than dishonorable conditions, you might be eligible. Certain dates and term of service vary depending on whether you served in peacetime, wartime, or supported operations such as the Gulf War. Complete eligibility rules can be found on the Veteran's Administration website. You will have to submit a request for a certificate of eligibility and supply proof of your service.

 

Download a Request For a Certificate of Eligibility, VA Form 26-1880, HERE.

 

Or ask your lender if they have access to ACE (automated certificate of eligibility). Contact me for a list of lenders who have access to this system.

 

Advantages of a VA Loan

 

There are many advantages to using your VA eligibility to secure a VA Loan. Here are just some:

 

1. No money down (unless required by the lender or the purchase price is more than the appraised value of the property).

 

2. No private mortgage insurance

 

3. Ability to finance the funding fee.

 

4. An assumable mortgage. When you sell the home, the buyer may be able to "assume" your loan terms.

 

5. No pre-payment penalty.

6. For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.

 

7. VA assistance to veteran borrowers in default due to temporary financial difficulty.

 

For more information on obtaining a VA Loan, contact me.

More Veteran's Information

 

Access the Veteran's Information Portal HERE.