0% Down Payment VA loans: Could you be Eligible?

27 08 2011

There is a lot of misinformation about VA loans.  I’ve heard everything from “it’s too difficult,” to “I don’t like the VA, so I’m not going to consider a VA loan.“ But let’s look at the facts, because a VA loan could be the best program for you.  In our post-meltdown days, it is one of the few no down payment programs still around.  Plus, there is no monthly mortgage insurance, so you can buy a better home with a more affordable payment.  But first let’s look at who can qualify:

Veterans

Any eligible veteran who served more than 90 days of active duty during a time of war or 181 days of duty during peacetime should be eligible for VA home buying benefits, with certain exceptions.

Reservists

Reservists with more than 6 years of duty should be eligible for the benefits.

Spouses of veterans

Surviving, unmarried spouses of deceased veterans can be eligible to receive their ex-spouse’s eligibility, as long as their deceased spouse was eligible.

To make sure you are eligible for the benefits, you will need a certificate of eligibility from the VA.  You can receive your COE online, from your lender, or directly from the VA by mailing in your request for COE.  Based on your situation, you may need to supply some other documentation to receive your COE, like your DD214 discharge papers, or LES statement.

A VA loan is unlike any other mortgage.  A well-done VA loan can open the doors to a house for you with perks you can’t get anywhere else.  But a poorly-done VA loan could be a nightmare, taking unnecessary time, money, and documents.  The biggest key to a smooth process is choosing a lender who has years of experience with VA loans and who knows the specific VA guidelines.  So do your research and hire the one whose experience and knowledge gives you confidence that they can get it done smoothly.

Thank you for your service for our country.  I hope I or another colleague can serve you as our way of saying thank you.

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One response

20 09 2011
jerry

A very intresting post.. thanks

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