VA Home Loans are the answer to many people looking to buy a house!!
Today, the VA home loan program is more important than ever. Lenders nationwide tightened their lending requirements after the housing market collapse. VA loans have become a lifeline for military borrowers, many of whom often struggle when faced with tough credit standards and down payment requirements.
Qualified borrowers (in general, eligiblity includes 181 days of peacetime service, 90 days war time service or 6 years in the reserve or National Guard. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible) can purchase a home with no money down, an incredible benefit in today’s tight lending climate. VA loans also feature flexible requirements, no private mortgage insurance and competitive interest rates. Many veterans and active service members can purchase with little to no money out of pocket.
The evidence you need depends on the nature of your eligibility. Consult the table below to determine your category and the evidence you will need when applying.
|Category||Evidence To Apply|
|Veteran||DD Form 214 – required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28).|
|Current or former National Guard or Reserve member who has been activated Federal active service|
|Active Duty Servicemember||A current statement of service:
|Current National Guard or Reserve member who has never been Federal active service||Statement of service:
|Discharged member of the National Guard who has never been activated for Federal active service||NGB Form 22, Report of Separation and Record of Service, for each period of National Guard service
NGB Form 23, Retirement Points Accounting, and proof of the character of service
|Discharged member of the Selected Reserve who has never been activated for Federal active service||Copy of your latest annual retirement points statement and evidence of honorable service|
|Surviving spouse of a Servicemember who died on active duty||If you’re already receiving Dependency and Indemnity Compensation (DIC), you don’t need to send any documents.If you don’t receive DIC, please send us
It would be a good idea to add a simple signed statement saying that you would like to apply for DIC. If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
Put the Servicemember’s Social Security number on all documents.
|Surviving spouse of a Veteran who died as a result of military service||If you’re already receiving Dependency and Indemnity Compensation (DIC), send us a copy of your award letter. (Generally, you will already have a record on file at a VA regional benefits office.)If you don’ t receive Dependency and Indemnity Compensation (DIC), please send us
We recommend that you add a simple signed statement saying that you would like to apply for DIC. If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
Put the Veteran’ s Social Security number on all documents.
To register for your benefits go to the Veterans Administration Site
If you are looking to take advantage of this market and to purchase a home before home prices start to rise dramatically, contact me! I will put you in touch with a competent, well-skilled VA Loan Specialist.
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