WHAT IS A VA LOAN? picture of family welcoming home military fatherVA loans are mortgage loans given by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). These types of loans help U.S. military veterans purchase homes with competitive rates, no down payments, and no required private mortgage insurance. This program is also is designed to offer a long-term financing option to U.S. military veterans.
To be clear, the government doesn’t make the loans; it simply promises the loans will be made by qualified mortgage lenders. Veterans make all the arrangements themselves with the help of lenders like American Capital Mortgage Group. The government’s role is to protect the lender against loss should the buyer default …show more content…
You cannot use a VA Loan for purchasing property for a business. Homes available to those with a VA Loan are varied. If you have the Loan, you can:
BUILD A NEW …show more content…
The United States government provides a method to do that in the form of a Certificate of Eligibility. There are many ways to obtain a Certificate of Eligibility.
Gathering Your Evidence
Prior to getting the Certificate, you must gather more evidence. While you have established eligibility, you will need written documentation as proof. Once the evidence has been gathered, you will be able to submit the evidence along with your application for the Certificate of Eligibility.
If you are active duty or a National Guard member who has yet to be called to active duty, your paths are similar. You will need a written statement from a superior officer, the personnel office, or an adjutant. This will state that you are part of the service and how you’ve served.
Also, you will need to supply your full name, social security number, birth date, date of entry into the service, the amount of any time lost, and the command which provides this information. For those in the Guard, you will also need to state the number of creditable years
To be clear, the government doesn’t make the loans; it simply promises the loans will be made by qualified mortgage lenders. Veterans make all the arrangements themselves with the help of lenders like American Capital Mortgage Group. The government’s role is to protect the lender against loss should the buyer default …show more content…
You cannot use a VA Loan for purchasing property for a business. Homes available to those with a VA Loan are varied. If you have the Loan, you can:
BUILD A NEW …show more content…
The United States government provides a method to do that in the form of a Certificate of Eligibility. There are many ways to obtain a Certificate of Eligibility.
Gathering Your Evidence
Prior to getting the Certificate, you must gather more evidence. While you have established eligibility, you will need written documentation as proof. Once the evidence has been gathered, you will be able to submit the evidence along with your application for the Certificate of Eligibility.
If you are active duty or a National Guard member who has yet to be called to active duty, your paths are similar. You will need a written statement from a superior officer, the personnel office, or an adjutant. This will state that you are part of the service and how you’ve served.
Also, you will need to supply your full name, social security number, birth date, date of entry into the service, the amount of any time lost, and the command which provides this information. For those in the Guard, you will also need to state the number of creditable years