am i eligible for a va loan
TRANSCRIPT
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AM I ELIGIBLE FORA VA LOAN?
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One of the best loans for buying a home in terms of low interest rates and no down payment is a Veterans Administration (VA) loan.
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WHAT IS A VA LOAN?
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VA loans are made by private lenders such as banks and mortgage companies but are guaranteed by the Federal Government.
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This means the private lender is protected against a financial loss if the borrower fails to repay the loan for any reason.
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A VA loan can only be secured on property the borrower intends to make their personal residence on a full-time basis.
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Because these loans are guaranteed by the Federal Government, lenders are taking less risk and can offer lower interest rates than on conventional loans.
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VA loans also do not require a down payment in order to buy the property.
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WHO IS ELIGIBLE FOR A VA LOAN?
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In order to qualify for a VA loan, you have to be able to answer “yes” to any one of the following questions:
1. Have you have served 90 consecutive days of active service during wartime? 2. Have you served 181 days of active service during peacetime?
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3. Have you more than 6 years of service in the National Guard or Reserves? 4. Are you the spouse of a service member who has died in the line of duty or as a result of a service-related disability?
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HOW DO YOU PROCEED IN ACQUIRING A VA LOAN?
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To start the process, you need to secure a Certificate of Eligibility (COE) from the Veterans Administration that verifies your loan eligibility. Once you have received your COE, you can begin.
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FIND A VA HOME LOAN SPECIALIST #1
Working with a mortgage broker who specializes in handling VA loan transactions is not a requirement but is strongly suggested, especially for first-time buyers.
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#2 FIND A LENDER
Next, you’ll need to locate a lender who participates in the VA lending program. Your VA Loan Specialist will help with this.
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#3 GET PRE-QUALIFIED
Again, this is not a requirement at this point, but knowing the amount of the loan you can qualify for before you begin shopping for houses is a huge advantage.
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#4 FIND A HOME, MAKE AN OFFER AND SIGN A PURCHASE AGREEMENT
Work with your real estate agent to locate a home you wish to purchase. Their job is to negotiate a purchase agreement between you and the seller that includes a VA option clause.
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Once the sale terms are agreed upon, the agent writes a purchase agreement for both parties to sign and submits the agreement to the lender.
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#5 VA APPRAISAL
The lender will order an inspection of the property by a VA inspector to determine if any corrections or improvements need to be made in order to qualify the property for the size of the loan requested.
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Once the property inspection has been successfully completed, the lender can move forward.
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#6 CLOSING
The lender will work with your real estate agent, VA loan specialist and a title company to coordinate signing loan documents.
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#7 SECURE THE KEYS
The house is yours!
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Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
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For more details call 480-351-5904. Visit the site at https://www.valoansforvets.com/va-loan-eligibility/
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VA LOANS FOR VETS7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]
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