The VA home loan is a great way for those leaving the military to get the financing they need to purchase their own homes. If you’re a servicemember who is curious about your VA home loan options, here’s a brief FAQ to get you started.
Q: Who is Eligible for a VA Home Loan?
A: If you have served for 90 days during wartime or over 180 consecutive days during peacetime, you are eligible for the loan. Certain other eligibility restrictions may apply depending on your branch of service and specific situation. You can obtain a VA Form 26-1880 from the Veterans Administration and fill it out to get a Certificate of Eligibility for a VA home loan.
Q: Once I have my Certificate of Eligibility How Do I Apply for My VA Home Loan?
A: There are a variety of mortgage lenders who subscribe to the VA home loan program and offer VA home loans. Go to any one of these with your Certificate of Eligibility to start the home loan process.
Q: Can I Apply for the VA Home Loan Without a Certificate of Eligibility?
A: Possibly. Most lenders who participate in the VA home loan program have access to the ACE (Automated Certificate of Eligibility) system. This system allows lenders to instantly establish eligibility and obtain your Certificate of Eligibility online.
Q: Can I Get More than One VA Loan?
A: In most cases, if you have paid off the previous VA loan you can get another one.
Q: Can the Spouse of a Deceased Veteran Participate in the VA Home Loan Program?
A: If the veteran died in active service or due to a service related disability, the spouse is eligible for the program.
Q: Can the Children of a Deceased Veteran Benefit from the VA Home Loan Program?
A: Children of deceased veterans cannot directly benefit from the program.
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