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So, you’ve decided to take the plunge into home ownership. Now it’s time to navigate the world of home loans to find the right mortgage. If you are a veteran of the US military or active duty service member, you may qualify for a VA home loan. VA loans are exclusively available to current and former members of the US military and offer many benefits over conventional mortgages.

Read on to learn more about these low-cost mortgages and how to get one.

Step 1: Check your eligibility

To get a VA home loan, you must first meet eligibility requirements, which depend on your military service. You may be eligible if you:

1. Served for 90 consecutive days during wartime, OR

2. Served for 181 consecutive days during peacetime, OR

3. Served for more than 6 years in the National Guard or Reserves, OR

4. You are the surviving spouse of a service member who died in the line of duty or as a result of a service-connected disability.

If you meet any of the above criteria, you can begin gathering the documentation needed to apply.

Step 2: Gather 4 Critical Pieces of Documentation

Various pieces of information are needed to verify your eligibility, as well as your ability to pay for it. These include:

1. Certificate of Eligibility (CEO). The COE is your proof to the lender that you meet the minimum requirements for a VA loan. You can get this form from the Department of Veterans Affairs, online at the VA electronic benefits portal, from your VA-approved lender, or by mailing Form 28-1880 to VA.

2. Credit report. The credit report will provide the lender with information about your current financial status, such as your debts and your debt payment history. This information helps determine how much you can borrow and still be able to repay. The VA does not set a minimum credit score. Individual lenders set a minimum credit score, but VA loan requirements are often more relaxed than conventional requirements, which is one of the main advantages of this type of mortgage.

3. Proof of income. You will need to provide proof of income to get a mortgage. Most lenders require the last two months of pay stubs and the last two years of tax returns or W2s to verify income. If you are applying with your spouse, his or her income must be included.

4. DD-214 is the form you will use to request your COE. This form details the conditions of your discharge and verifies that you qualify for benefits. DD-214s are provided at discharge, but new ones can be obtained from the National Archives.

Your VA lender can help you obtain these documents if you are unable to do so yourself.

Step 3 – Choose a VA Loan Lender

You will need to find an FDIC-insured lender to write your loan. FDIC endorsement ensures that the lender follows safe and sound operating practices, which reduces your risk.

Not all lenders work with VA loans and some are just lead farms and don’t service the loans themselves, so you’ll need to do some research. Even among VA lenders you will find different terms. Compare prices and find the best deal for your situation. Ideally, you’ll want to select a lender that is FDIC-insured, is a bank, and focuses almost exclusively on VA loans or VA loan refinancing.

That is all! 3 simple steps and you can be on your way to buying a home with one of the best mortgage programs available. Go ahead, you’ve earned it!

By admin

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