The Neighborhood Korner

DIY Social SEO | Lead Generation

February 6th, 2014
Real Estate & Merchants DIY Social SEO

Network with me at LinkedIn

 

Merchants DIY Social SEO

Merchants Social ~ eCommerce

 

VA Loans Frequently Asked Questions 

 

Your Real Estate Network

A VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard and retired military personnel, primarily because there is no down payment required or private monthly mortgage insurance.

A VA home loan can be used to purchase a home or refinance an existing mortgage. 

Millions of veterans and active duty service personnel are eligible for VA financing, yet most aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

VA does not actually lend the money to purchase or refinance your home. They guaranty the lender that if you default on the loan, they will pay the lender a percentage of the loan balance. 

 

Benefits of a VA Home Loan:

 

  1. 100% financing
  2. No monthly private mortgage insurance
  3. The limits buyers closing costs a home buyer may have to pay to get a mortgage
  4. The seller can pay up to 4% of the veteran’s closing costs and even pay down your debt to help lower your debt-to-income ratio
  5. The loan is assumable, subject to VA approval of the assumptor’s credit
  6. 30 year fixed terms offered
  7. Interest rates are similar to FHA rates
  8. You don’t need perfect credit  

 

Who is Eligible for a VA Home Loan?

 

Facebook DIY Social SEO

Like Us At Facebook

Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.

Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981 must in most cases have served at least 2 years.

 

VA Documentation Needed:

 

LinkedIn DIY Social SEO

The In Crowd

The three specific pieces of documentation a lender will need to determine your eligibility is a DD 214 form for discharged veterans, a statement of service for active military personnel and a certificate of eligibility (COE) to determine you have VA entitlement.

Because each lender has different qualifying guidelines, consult with your loan officer to find out if you meet their qualifying criteria.

Frequently Asked Questions:

 

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

 

No, the children of an eligible veteran are not eligible for the home loan benefit.

 

Q: How can I obtain proof of military service?

 

Standard 1880 form, Request Pertaining to Military Records, is used to apply for proof of military service, regardless of whether you served on regular active duty, reserves or national guard.

 

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

 

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

 

Q: Are VA mortgage loan benefit available as a “one time” use?

 

Veterans and active duty military can use the VA loan more than once, but there are limits to entitlement. The entitlement is the amount of the loan the VA will guarantee. If the borrower exceeds their entitlement, they will have to make a down payment, but there are no limitations as to how many times a Veteran or Active Duty Service Member can use their eligibility. 

 

Q: Do VA home loan benefits have an expiration date?

 

VA mortgage benefits never expire. 

 

Q: Can a Home Buyer have more than one VA loan at a time.

 

Home buyers can have two (or more) VA loans out at the same time, as long as you have not exceeded your maximum eligibility. In order to have more than one VA loan, the borrower must be able to afford both payments and sufficient entitlement is required. If the borrower exceeds their entitlement, they may be required to make a down payment.  A common scenario is when you purchased a home many years ago and over time the VA has increased entitlement.

 

Q: A home with a VA Guaranteed Mortgage cannot leased.

 

Homeowners with VA loans can rent out their home. If the home is located in a non-rental subdivision, the VA will not guarantee the loan. If the home is located in a subdivision (such as a co-op) where the other owners can deny or approve a tenant, the VA will not approve the financing. When an individual applies for a VA loan, they certify that they intend on making the home their primary residence. Borrowers cannot use their VA benefits to buy property for rental purposes, except if they are using their benefits to purchase a two to four family units and the veteran must occupy one of the units.

 

Q: If a borrower has a short sale or foreclosure on a VA loan, they cannot have another VA loan.

 

If a home buyer has a claim on their entitlement, they will still be able to get another VA loan after two years from the day the claim was issued, but the maximum amount they would otherwise qualify for may be less. A home buyer who had a home with a $100,000 VA loan that was a claim issued in 2012 and in a low cost area will have enough remaining eligibility for a $317,000 purchase with $0 money down.  Otherwise had a claim not of been issued they would have been able to obtain another VA loan up to $417,000 with no money down payment.

 

JOIN US AT REAL ESTATE & MERCHANTS SOCIAL

 

Brimingham AL Real Estate & Merchants SEO

AL Real Estate & Merchants Social

Anchorage AK Real Estate & Merchants SEO

AK Real Estate & Merchants Social

Phoenix AZ Real Estate & Merchants SEO

AZ Real Estate & Merchants Social

Little Rock AR Real Estate & Merchants SEO

AR Real Estate & Merchants Social

Los Angeles CA Real Estate & Merchants SEO

CA Real Estate & Merchants Social

Denver CO Real Estate & Merchants SEO

CO Real Estate & Merchants Social

Burlington CT Real Estate & Merchants SEO

CT Real Estate & Merchants Social

Wilmington DE Real Estate & Merchants SEO

DE Real Estate & Merchants Social

Orlando FL Real Estate & Merchants SEO

FL Real Estate & Merchants Social

Atlanta GA Real Estate & Merchants SEO

GA Real Estate & Merchants Social

Honolulu HI Real Estate & Merchants SEO

HI Real Estate & Merchants Social

Boise ID Real Estate & Merchants SEO

ID Real Estate & Merchants Social

Chicago IL Real Estate & Merchants SEO

IL Real Estate & Merchants Social

Indianapolis IN Real Estate & Merchants SEO

IN Real Estate & Merchants Social

Des Moines IA Real Estate & Merchants SEO

IA Real Estate & Merchants Social

Wichita KS Real Estate & Merchants SEO

KS Real Estate & Merchants Social

Louisville KY Real Estate & Merchants SEO

KY Real Estate & Merchants Social

Portland ME Real Estate & Merchants SEO

ME Real Estate & Merchants Social

Baltimore MD Real Estate & Merchants SEO

MD Real Estate & Merchants Social

Boston MA Real Estate & Merchants SEO

MA Real Estate & Merchants Social

Detroit MI Real Estate & Merchants SEO

MI Real Estate & Merchants Social

Minneapolis MN Real Estate & Merchants SEO

MN Real Estate & Merchants Social

Gulfport MS Real Estate & Merchants SEO

MS Real Estate & Merchants Social

Kansas City MO Real Estate & Merchants SEO

MO Real Estate & Merchants Social

Billings MT Real Estate & Merchants SEO

MT Real Estate & Merchants Social

Omaha NE Real Estate & Merchants SEO

NE Real Estate & Merchants Social

Las Vegas NV Real Estate & Merchants SEO

NV Real Estate & Merchants Social

Manchester NH Real Estate & Merchants SEO

NH Real Estate & Merchants Social

Newark NJ Real Estate & Merchants SEO

NJ Real Estate & Merchants Social

Albuquerque NM Real Estate & Merchants SEO

NM Real Estate & Merchants Social

New York City NY Real Estate & Merchants SEO

NY Real Estate & Merchants Social

Charlotte NC Real Estate & Merchants SEO

NC Real Estate & Merchants Social

Fargo ND Real Estate & Merchants SEO

ND Real Estate & Merchants Social

Columbus OH Real Estate & Merchants SEO

OH Real Estate & Merchants Social

Oklahoma City OK Real Estate & Merchants SEO

OK Real Estate & Merchants Social

Portland OR Real Estate & Merchants SEO

OR Real Estate & Merchants Social

Philadelphia PA Real Estate & Merchants SEO

PA Real Estate & Merchants Social

Providence RI Real Estate & Merchants SEO

RI Real Estate & Merchants Social

Charleston SC Real Estate & Merchants SEO

SC Real Estate & Merchants Social

Sioux City SD Real Estate & Merchants SEO

SD Real Estate & Merchants Social

Memphis TN Real Estate & Merchants SEO

TN Real Estate & Merchants Social

Houston TX Real Estate & Merchants SEO

TX Real Estate & Merchants Social

Salt Lake City UT Real Estate & Merchants SEO

UT Real Estate & Merchants Social

Burlington VT Real Estate & Merchants SEO

VT Real Estate & Merchants Social

Virginia Beach VA Real Estate & Merchants SEO

VA Real Estate & Merchants Social

Seattle WA Real Estate & Merchants SEO

WA Real Estate & Merchants Social

Charleston WV Real Estate & Merchants SEO

WV Real Estate & Merchants Social

Milwaukee WI Real Estate & Merchants SEO

WI Real Estate & Merchants Social

Cheyenne WY Real Estate & Merchants SEO

WY Real Estate & Merchants Social

Washington DC Real Estate & Merchants SEO

WDC Real Estate & Merchants Social

Pago Pago AS Real Estate & Merchants SEO

American Samoa R E & Merchants Social

Siapan MP Real Estate & Merchants SEO

NRN Mariana Isls & Merchants Social

Dededo GU Real Estate & Merchants SEO

Guam Real Estate & Merchants Social

San Juan PR Real Estate & Merchants SEO

Puerto Rico R E & Merchants Social

St Croix VI Real Estate & Merchants SEO

US Virgin Islands R E & Merchants Social

Real Estate & Merchants SEO

More Cities Coming – Is the next one yours?

Video Marketing

Branding Your Business

Social Media

Podcasting

Podcasting

Hurricane Katrina

Puerto Rico Central Florida Connection

Hurricane Maria

Hurricane Michael

Paradise CA

Camp Wildfire

DIY Social SEO

Good Morning Vietnam

DIY Social SEO

Creole Real Estate & Merchants Social

Cajun Real Estate & Merchants Social

Havana Cuba

Caribbean Real Estate & Merchants Social

Facebook Group 2

Content Marketing – Lead Generation – Social Media Marketing – Search Engine Optimization

LINKEDIN

Content Marketing – Lead Generation – Social Media Marketing – Search Engine Optimization

Twitter

Content Marketing – Lead Generation – Social Media Marketing – Search Engine Optimization

PINTEREST

Content Marketing – Lead Generation – Social Media Marketing – Search Engine Optimization

Comments are closed.