The
more you know about our home loan program,
the more you will realize how little "red
tape" there really is in getting a
VA loan. These loans are often made without
any down payment at all. Aside from the
veteran's certificate of eligibility and
the fact that the appraiser is assigned
by VA, the application process is not much
different than any other type of mortgage
loan. And if the lender is approved for
automatic processing and the Lender Appraisal
Processing Program (LAPP), as more and more
lenders are now, a buyer's loan can be processed
and closed by the lender without waiting
for VA's approval of the credit application
or for VA to review the appraisal.
Lenders are also able to use VA recognized
automated underwriting systems, such as
Loan Prospector
and Desktop
Underwriter, to facilitate the underwriting
process.
You must be an eligible veteran who has available home loan entitlement
2.
The loan must be for an eligible purpose. The purchase price should not exceed the appraised value.
3.
You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan.
4.
You must have enough income to meet the new mortgage payments on the loan cover the costs of owning a home, take care of the obligations and expenses, and still have enough income left over for family support.
5.
You must have a good credit record.
Service Eligibility for a VA Guaranteed Loan
You are eligible for VA financing if your service falls within any of the following categories:
Wartime Service.
If you served any time during:
World War II
Korean Conflict
Vietnam Era
Persian Gulf War
Peacetime Service
Discharged or released under conditions other than dishonorable.
You may also be determined eligible if you were discharged for a service connected disability
Active Duty Service Personnel having served on continuous active status for at least 90 days.
Individuals in the Reserves or National Guard who have completed at least 6 years
Getting Pre-approved for your VA Guaranteed Loan
Obtaining pre-approval for your VA loan amount is an excellent time-saving step. Once you know the exact amount you're eligible for in your VA home loan, you can begin to look for a Home.
