The Department of veteran affairs of the U.S. Federal Government offers guaranty to the home mortgages taken by veterans and active duty members of the U.S. military. VA loans, as such loans are often known, offer a range of different benefits like lower interests, zero mortgage insurance and a range of other benefits. However, people often not aware of a few basic things and as a result they miss out on the benefits they are entitled to. So, if you are looking to take the Loan, there are a few things that you should know before applying for the debt.
VA Loan Eligibility
The department of veteran affairs has specific guidelines which determine the eligibility for the loan. If you want to be eligible for such a mortgage, then you need to be –
- An active duty member of the United States military who has served for more than 90 days. Or,
- A veteran of the United States military who has served for more than 180 days during peacetime or for more than 90 days during wartime. Or,
- A person honorably discharged from duty. Or,
- A member of the national guard or the reserves who has served for more than six years. Or,
- A surviving spouse of a personnel killed in action, missing, imprisoned or disabled during service.
Applying for a VA Home Loan
Most of the times, people ask the question how to apply for a VA home loan? Well, the process of application is not that hard. To begin the process, you just need a few documents.
Documents you would need
The first document you would need is the DD214 form which you would get when you separate from the service. You would also need the certificate of eligibility (COE). You can get the document yourself or you can ask your Loan Specialist to get for you.
Another thing that you should get is the pre-approval letter. The pre-approval letter tells you how much loan you can get. Most real estate agents would ask for the pre-approval letter before they enter into contract. The letter would be given by an approved lender. So if you want to apply for a VA home loan, then it would be of great help to get in touch with the experts.
These are the few simple steps that you should follow while applying for a VA loan. Take the help of the experts and get the loan that help you to buy a home in America.
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