If you have served in the military in the past or you serve currently, you are eligible to get a VA loan for your primary residence. Remember that VA loans make home ownership quite affordable. To get this particular loan, you must comply with the required application process.
What are VA loans?
Federal Department Of Veterans offers VA loans for people that are currently serving the military or served it in the past. You should note that they do not give money for these loans. Instead, they guarantee your loans you seek from private lenders. This makes it quite possible for the veterans to buy a home with a deposit and even negotiate mortgages at low interest rates. Moreover, you can use these funds to refinance the property, which you bought under VA loans program. You can also use VA loan to purchase specially adapted properties if you have service related disabilities.
Tips to get VA loans
Certificate of eligibility
If you are currently serving in the military, you should get a statement of service from your commander or personnel office. This will show the type of applicant you are. Also, it will provide useful details such as date of birth, social security number, the name of the applicant, and much more. If you are a Veteran who is no longer in military service, you need to have your service record.
Select your property
You should start looking at appropriate properties to purchase. However, VA loans do not have limits on the amount you can borrow for your primary residence; they do not assume liability for the mortgage amounts that are above your entitlement. The basic entitlement is just $36, 000. However, it is not the maximum. Your property location determines the maximum amount of the loan. You can contact a loan specialist who can help you know the amount you qualify for.
Contact VA loan specialist
This professional can help you in different ways. For instance, he or she can help you get the best interest rates. Even if you have poor credit, he or she will make the process quite easy.
Apply to the lender
After finding a reputable home, you should apply to a financial institution that accepts VA loans. You will be required to submit the Certificate of Eligibility when seeking a loan. Also, you will be required to provide a Statement of Service. This will serve as a verification that you are in employment. If you are a veteran, you may be required to provide proof of other sources of income.