How to Get a VA Home Loan

Those who have given service to the United States military either currently or in the past are eligible to apply for a VA loan for their primary residence.

VA loans make home ownership more affordable for service people.

To acquire a VA home loan, veterans must comply with the proper application process.

What is a VA LOAN?

A VA home loan is a program offered by the Federal Department of Veterans Affairs for those who have served in the military or are currently serving.

Although they do not provide the money for these loans, they guarantee the loans made by private lenders.

This guarantee makes it possible for veterans to purchase a home without a down payment and to negotiate mortgages at lower rates.

A VA loan can also be used to refinance a property that was purchased under the VA program.

Home loans for veterans under the VA program can also be used to purchase specially adapted properties for veterans that have service-related disabilities.

The program can also help Native American veterans to purchase property on tribal-held land.

Your Certificate of Eligibility

If the service person is currently serving in the military, the applicant should go to his or her commander, personnel office or adjutant to secure a Statement of Service.

It must show the name of the applicant, the social security number, date of birth, entry date on active duty, duration of any lost time and the name ofthe commander.

Eligibility is based on the length of service for both active duty members and reservists.

Veterans no longer in the service should have their Service Record.

Approval is dependent onHonorable Dischargeof military service.

Once the information is verified, the Department of Veterans Affairswill issue the Certificate.

Select Your Property

The applicant can then begin to look at suitable properties to purchase.

Although the VA does not set limits on the amount you can borrow for a primary residence …

the program cannot assume liability for mortgage amounts above the service member’s entitlement.

Basic entitlement is set at $36,000, but that is not the maximum.

The upper limit of a VA loan is determined by the location of the property you intend to purchase, and can be for much more.

A VA loan specialist can help youdetermine how much you can qualify for.

Contact a VA Loan Specialist

A VA loan specialist can help you in many ways.

He or she is a mortgage broker who can:• find better interest rates• get you qualified even with lower credit

scores• make the entire process much smoother

Apply to Your Lender

Once you have found a suitable home, you will apply to a private lender that accepts VA loan guarantees.

The service member must supply the Certificate of Eligibility whenapplying for the loan.

The lender may also require a Statement of Service, which servesas verification of employment in the military.  

Military veterans may be asked for records of retirement benefits or other sources of income.

Your Credit Record

Although your Certificate of Eligibility can help you to secure a mortgage …

the lender is free to deny the loan if yourcredit record shows payment problems.

The veteran should always ensure that past debts are paid on time and in full to ensure a good credit rating.

Any problems should be negotiated with the debtor in advance of attempting to secure a VA loan.

Your VA loan specialist can help you with that.

Approving Your Loan

The lender will then notify you of the approval of your loan with information about the mortgage rate.

You will then be required to be at the closing of the loan to sign papers before you can take possession of the property.

VA Loan Specialist Jimmy Vercellino helps veterans obtain the VA loans they are entitled to.

VA Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan financing needs.

Be a proud homeowner today!FOR MORE DETAILS CALL US

480-351-5904

www.valoansforvets.com