The home buying process can be confusing, but…
Many veterans and service members don’t realize that they already qualify for the benefits of a VA home loan—a loan that is underwritten by the government. In fact, only about 10% of the nation’s 24 million veterans have utilized their VA home loan benefits. Those who meet the eligibility requirements just need to obtain a Certificate of Eligibility, or COE, which can be provided by contacting VAMortgage.com at 888-256-5387.
Eligibility for a VA Home Loan
Here’s a look at who is eligible for these very attractive government-backed home loans (loans underwritten by the U.S. government):
- Tradtionally, service members who served on active duty for 90 days during wartime or 181 days during peacetime, but more recently a minimum of two years of service have been typical eligibility requirements.
- Members of the National Guard or Reserves who served at least six years
- Surviving spouses – who have not remarried – of a service member killed in the line of duty or as a result of a service-related injury
- Veterans discharged due to a service-related injury.
Certificate of Eligibility or COE
A Certificate of Eligibility (COE) is the only reliable Proof of Eligibility on which we, as the lender, may rely, except in the case of an Interest Rate Reduction Refinancing Loan (IRRRL). Completing a Certificate of Eligibility is often faster through an approved lender like VAMortgage.com than doing so through the Veterans Administration. Thanks to the Automated Certificate of Eligibility technology, VAMortgage.com can pull a COE in seconds – versus waiting weeks through the VA. Remember, eligibility doesn’t guarantee loan approval however, VAMortgage.com is strongly committed to securing a VA loan for every veteran and service member who qualifies. Veterans may apply directly for a COE through the VA online at www.homeloans.va.gov/eligibility.htm.
Benefits of the VA Home Loan Program
The VA Home Loan Program has helped more than 18 million veterans and active duty service members achieve home ownership since 1944. After more than 67 years of service, the VA Home Loan Program remains one of the most progressive lending programs in the market. Because the Department of Veterans Affairs insures up to 25% of each VA home loan, approved vendors like VAMortgage.com have the confidence to provide eligible military members with low interest rates and flexible loan terms.
Other benefits of a VA home loan include:
- No mortgage insurance required
- No down payment
- Regulated closing costs
In addition, there’s a great deal of flexibility built into the VA home loan application process, which allows:
- Reduced income requirements
- Reduced credit requirements
- Higher debt-to-income ratios
Approved lenders like VAMortgage.com don’t need to see perfect credit. As a result, we can help many veterans who might not otherwise secure financing. In fact, about 80% of VA loan borrowers could not have qualified for a conventional loan. It’s our nation’s way of saying “Thank You” to the millions of men and women who have served us so faithfully over so many years.
Contact VA Mortgage.com today at 888-256-5387 or submit an online form to confirm that you are eligible for the VA Home Loan Program.
