A VA (Veterans Affairs) loan carries many of the same advantages as an FHA home loan. However, to qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty service man. The maximum loan amount for a VA-guaranteed loan is $625,250 depending on the area you live in. However, if you can make a large down payment, VA is now considering loan amounts above $625,250.
Generally, you need no money down. Max VA Loan Limit is $625,250 and you cannot exceed conventional loan limits. No down payment is required for most VA loans below $417,000. For more information please call one of our VA consultants, toll-free at (888) 834-1988.
The VA has created an Interest Rate Reduction Loan program called the VA Streamline Refinance. This provides a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These VA streamline loans can also be made faster and with less documentation than a typical mortgage refinance. This is only available to veterans who are refinancing their original VA mortgage loan and utilized their original eligibility.
Basics of VA streamline finance:
You can apply for a VA loan with us online or call us (888) 834-1988. At some point, you will need to get a Certificate of Eligibility from VA to prove to the VA mortgage lender that you are eligible for a VA loan.
Complete an 1880: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to one of the VA Eligibility Centers, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.
ACE (Automated Certificate of Eligibility): It's also possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.
Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. VA does NOT process this request form. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.
Yes. Your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to one of our VA Eligibility Centers.
To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact one of our VA Eligibility Centers. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death) may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact one of our VA Eligibility Centers.
No. The children of an eligible veteran are NOT eligible for the home loan benefit.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
Pre-purchase counseling gives a person information on (1) the process of buying a home, (2) the key players in the home buying process, and (3) debt management. The goal is to create a better-informed homebuyer. While VA does not require such counseling, we strongly recommend it. There is usually no charge for the housing counseling.
To locate a housing counseling office call (800)217-6970 or visit HUD's website at http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.php.
There is no maximum VA loan but lenders will generally limit VA loans to $240,000. This is because lenders sell VA loans in the secondary market, which currently places a $240,000 limit on the loans. For loans up to $240,000, it is usually possible for qualified veterans to obtain no down payment financing.