It is a common human behavior to learn of a program or a potential benefit and to assume that the program or benefit is meant for others. The truth is, thousands of veterans and their families are eligible for low-interest veterans mortgage home loans and have yet to take advantage of the offer.
In 1944, the U.S. government created a military loan guaranty program to help returning service members purchase homes. Post WWII, it was not uncommon to see entire subdivisions rise up from the ground to be filled largely with veterans returning home from the war and starting on the next phase of life – a life that included a new home and a family.
Generally stated, a service member is eligible for a VA home loan if he or she meets any one of these requirements:
- Served 181 days during peacetime (Active Duty)
- Served 90 days during war time (Active Duty)
- Served 6 years in the Reserves or National Guard
- Is the spouse of a service member who died while in service or from a service-connected disability
Turn to the Professionals
The VA mortgage loan or VA Refinance Loan has always been facilitated and managed by professionals who know the program intimately and can advocate for the homeowner. These professionals, specialists like those at lowvarates.com, have a long and rich history of providing the highest level of assistance to veterans in the new home or refinance markets.
More than 20 million veterans and their families have taken advantage of their VA housing entitlement to get into an affordable home. You might be one of those who has yet to act. There is no time like the present!
Getting started at lowvarates.com is as simple as filling out our short and secure contact form. With your contact form completed, a VA Loan specialist will reach out to you to discuss your unique situation, your objectives and how we can help you prequalify for a home with lowvarates.com.
We can provide you with a pre-approval package of documents that contains everything you need to obtain a VA home loan. You will have to qualify for the loan and we know the process every step of the way. For your pre-approval you will need documents like these:
- Tax Returns and W2s
- Employment History
- Pay Stubs
- Bank/Investment Statements
Don’t forget BAH! If you are a qualified active military member your Basic Allowance for Housing (BAH) is a significant benefit. Lenders can count your Basic Allowance for Housing as effective income, which means you can use BAH to pay some or all of your monthly mortgage costs.
Getting the Loan
When you have found the home you qualify for, your loan officer will use a copy of your DD-214 to obtain your VA Certificate of Eligibility (COE). The COE details a prospective borrower’s entitlement and ability to participate in the VA Loan program. We can help you get your COE, saving you time and keeping the process running smoothly.
The VA requires homes to be move-in ready and any problems with the property generally have to be corrected by the seller before a loan closes.
Once you’re under contract to purchase a home, your loan documentation will go to an experienced underwriter for review. The underwriter will verify financial information and other documents and request additional items as needed. It is the underwriter’s job to ensure that everything is accurate and meets VA guidelines. Once the loan is approved, a closing date will be scheduled. At closing, you’ll sign paperwork, finalize your VA Loan and take ownership of your new home.
No Pre-Payment Penalty
Here is a final point about getting that low-interest VA mortgage loan. The VA Loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty. With the absence of a pre-payment penalty, you are free to consider future home purchases and refinancing options.
Hey, your wait for home ownership has been long enough. Don’t assume anything. Reach out now to the lowvarates.com team of veteran service professionals.
There is no time like the present!