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Veterans and the VA Loan

This year the VA Home Loan program will receive $6 Billion in funding. However, less than 10% of the individuals who are eligible for a VA Home Loan use their benefits.

A VA Loan is a special type of loan available to the United States service men and women. The VA loans have advantages and offer special benefits to those who qualify.

Any lender that participates in the VA loan mortgage program can assist you with your VA Loan. The first thing you must do is to obtain a Certificate of Eligibility (VA Form 26-1880). This can be obtained from the VA Eligibility Center, or your lender may also obtain the form for you. The ACE (Automated Certificate of Eligibility) is an online application to obtain the Certificate of Eligibility. Most lenders have access to this program as well.

In order to obtain the Certificate of Eligibility you must have proof of your military service. If you are on active duty, you will need to provide an original signed statement of service. If you were discharged after 1950, you will need a copy of your DD-214 form, and Certificate of Release or Discharge from Active Duty.

One frequently asked question is “can I get a VA loan if I already have one?” The answer is yes! There are criteria to be met such as you have paid off your previous loan, or you no longer have the property from the original loan. In addition, the surviving spouse of a veteran may also be eligible to obtain a VA Loan.

It is important to know what the advantages are to you of a VA Loan versus a standard loan. One advantage is that since the VA Loan is government insured. This waives the need of mortgage insurance, which in turn will reduce monthly payments. Another advantage is there is no required down payment on a loan. This helps expediting a home purchase since time does not have to be spent saving money for a down payment. VA Loans also offer lower interest rates than that of a conventional loan. This will also reduce the monthly payment of your loan.

Although the VA Loan is available to many of our service men and women, not all of those eligible take advantage of the program. If you are interested in obtaining a VA Loan, and meet the qualifications, contact a lender in your area who participates in the VA Loan Program.