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VA Loan - VA Home Loans
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 Home Mortgage Lender provides information about VA loan and VA home loansA VA loan is military loan that is guaranteed by the United States Department of Veteran Affairs. Veterans and service persons are able to attain a home loan through the VA loan system with favorable terms, interest rates and usually without a down payment.
Qualifying for VA loan is much easier than for conventional loans. Lenders usually limit the amount of the VA loan to around $200,000 though. The United States Department of Veteran Affairs does not make loans directly to military personnel. Rather, the VA guarantees the loans made by other qualified lenders. The VA determines the applicant's eligibility and qualifies the service person for the loan. Once the service person has been qualified, the VA issues a certificate of eligibility to be used when applying for the loan with a third party vendor. Mortgage application
Military applicants can apply for VA home loans with any mortgage lender that participates in the VA loan program. Applicants can request a Certificate of Eligibility by filling out form 26-1880 and sending the form to a VA Eligibility Center along with proof of military service. Military personnel can also ask their lenders about obtaining a Certificate of Eligibility for them. Many lenders have access to the Automated Certificate of Eligibility (ACE) system and can log on to the Internet and issue a Certificate of Eligibility within a couple of minutes.
The VA has several guidelines that constitute proof of military service. According to the VA, in order to provide proof, military personnel are advised, "If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost. Mortgage application
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"If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge from Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE … DO NOT SUBMIT AN ORIGINAL DOCUMENT."
In addition, the surviving spouse of a deceased military veteran is also eligible for VA home loans as long as the spouse is unmarried at the time of the VA loan. Addition, a surviving spouse who obtained VA home loans with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance VA loan.
VA home loans may not be suitable for everyone who is serving or has served in the military. But, for the majority of cases VA home loans can save significant amounts of money in interest rates, loan terms and down payments. Mortgage application
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