VA loan is a fixed rate loan secured by the Department of Veteran Affairs. However, not everyone is eligible for this. Among those who can take advantage of this are those who have served the Armed Forces, Air Force, Marine Corps and the Coast Guard. They should have served for at least 90 days if they served during the wartime and at least 181 days if they served during the peacetime. The days should be continuous. Moreover, they should have not been dishonorably dismissed.
There are other cases wherein the military personnel can qualify. One if he has been dismissed due to physical disability or other forms caused by his duties. This is also possible if the dismissal was ordered by the government for convenience purposes. However, all of this has to be established by the Veteran Affairs. In order to do that, the applicant has to file a Certificate of Eligibility.
Many can surely benefit from this. This includes the veterans and the military personnel. In addition to that, the surviving spouse of deceased personnel may also qualify. However, she should be unmarried. Many are vying to be eligible because the low fixed rates. Moreover, the loan is guaranteed by the U.S. Department of Veteran Affairs. Lenders will be more confident about the loan because if the borrower defaults, they can turn to the VA.
As mentioned earlier, you should file for a Certificate of Eligibility. You will need to fill out the VA Form 26-1880, Request For a Certificate of Eligibility for Home Loan Benefits. This is available online. You should also prepare additional documents that will support your claim. If the said proofs are not available, do not worry because the VA will establish this for you. However, this will take longer to process. Once you have prepared everything, submit the form to your respective VA eligibility centers.
Some lenders can readily check if you qualify by accessing a system. Through this, they can check your Certificate of Eligibility. Bring with you your documents. You have to be warned though. There are cases when this method does not work. The Veteran Affairs may have difficulty processing your application. This makes it essential to consult the lender ahead of time or talk to the Veteran Affairs directly especially if your predicament is unusual.
The VA follows a strict process in approving application to ensure that only those who qualify for this can benefit from the VA loan. Now is the best time to take advantage of the said loan because of the low interest rates that lenders charge. Most properties are inexpensive too. Once the borrower gets an approval from the VA, everything will go smoothly. Lenders will not hesitate lending the amount because the U.S. Department of Veteran Affairs guarantees it.
The VA loan is a great benefit for the military personnel and for other eligible individuals. If you wish to qualify, prepare your supporting documents ahead of time and file a Certificate of Eligibility. Although the VA can establish this for you, it will be more time consuming if you do not have supporting documents.
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