VA HOME LOAN EXPERT
LOCAL, TRUSTWORTHY AND HONEST
You’ve served our country with honor, which is why believe it’s our turn to serve you. We are always proud to provide home loan options to you and your family.
A VA home loan is one of the most beneficial and useful assets for our veterans. VA home loans offer more relaxed guidelines when applying and getting approved for a purchase, refi or renovation.
Why Choose a VA Home Loan
A VA Home loan allows qualified buyers
to purchase a home with no down payment. By choosing a VA home loan, there are no monthly mortgage insurance premiums to pay, limitations on buyer's closing costs or an appraisal that informs the buyer of the property value.
VA also performs personal loan servicing and offers financial counseling to help veterans having temporary financial difficulties.
How to Apply for a VA Home Loan?
You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.
How do I get a Certificate of Eligibility?
Complete a VA Form 26-1880, Request
for a Certificate of Eligibility: 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, 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.
I have already obtained one VA loan. Can I get another one?
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 a completed VA Form 26-1880 to our Atlanta Eligibility Center. 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.
Information provided by: https://www.benefits.va.gov/homeloans/faq_eligibility.asp
Only a Portion of my Eligibility is currently available because my Prior Loan has Not been Paid in Full even though I don't own the property anymore. Can I still obtain a VA Guaranteed Home Loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.