Applying For A VA Loan - Is It Difficult

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Applying For A VA Loan
Is it Difficult?
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The home mortgage loans guaranteed by the U.S.
Department of Veterans Affairs have been a
popular way for veterans and active duty service
members to afford their first homes for over 70
years.
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Because the home loans are guaranteed, many
lenders are eager to offer these low-cost home
loans for veterans.
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Though not difficult, the application process is
somewhat different than the one for conventional
loans, and many lending institutions have
departments or specially trained personnel to
help with the required documentation.
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Eligibility
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If you are a member of the military on active
duty for at least 90 days, you are eligible for a
VA guaranteed mortgage loan.
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Similarly, veterans who have served between 90
and 181 days of continuous service, depending on
the time period, are eligible to apply for these
loans.
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National Guard service members are also eligible
for a home loan if they are currently serving or
have served for six years, have been discharged
or on the retired or stand-bylist. Under certain
circumstances, the spouses of military members
may also be eligiblefor a VA loan.
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Certificate of Eligibility
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Applicants are required to document their service
in the military with aCertificate of Eligibility.
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The certificate is issued with a number of
different types of evidence
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A DD Form 214 for veterans that indicates the
character of the service and the reason for
separation from service
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For current service members, a current statement
of service signed by a commander of the unit,
adjutant or personnel office.
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For current National Guard members, a statement
of service signed by a commander of the unit,
adjutant or personnel office.
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For discharged National Guard members who were
never activated, an NGB Form 22, Report of
Separation and Record of Service.
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Surviving Spouse not receiving benefits must
submit a VA Form 21-534.
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Surviving Spouse receiving benefits must submit a
VA Form 26-1817.
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Additional Requirements
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In addition to the Certificate of Eligibility,
applicants for a VA guaranteed mortgage loan must
provide
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Documentation of sufficient income to afford
payments on the loan.
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A good credit record - VA lenders set their own
minimum credit record requirementsfor a loan.
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Proof that the property can be occupied - VA loan
benefits must go to properties that are suitable
for occupation, such as single-family homes,
condominiums, townhomes and multi-family
residences.
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Intention to occupy the property - First time
home loan applicants must assure their intention
to occupy the property.
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A property appraisal to ensure that the property
is valued sufficiently for the loan amount.
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Closing the Sale
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Applicants are encouraged to compare the loans of
a number of lenders to ensurethe best terms.
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After the applicant has been approved for the VA
guaranteed mortgage loan, he or she must close on
the sale of the property, provide proof of
homeowners insurance for the property and pay
closing costs.
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These closing costs are regulated by the VA. The
title is then issued and insured by a title
insurance company to prevent any other claims on
the property.
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Although the process may seem daunting to
first-time borrowers, lending institutions have
created protocols for VA loans that facilitate
the application process so that veterans and
active duty service members can take advantage of
this valuable benefit.
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Jimmy Vercellino, a VA Loan Specialist, helps
veterans obtain the loans they are entitled to.
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Jimmy served in the United States Marine Corps,
and now devotes himself to the Veteran home buyer
in the Phoenix area, fulfilling a passion of his
while at the same time helping others
achieve home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 or visit the
site www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com