With a great many veterans of recent wars and other foreign military conflict, it's natural that there would be a heightened interest in the VA home loan program. With a guarantee of up to 25% of loans to $417,000, it provides a way for veterans to get into nice homes with no money down. However, there are always questions, as it's a government program after all. This means some red tape and paperwork.
What about a Certificate of Eligibility? - The Certificate of Eligibility proves that the borrower is a veteran and eligible for a VA home loan. While there is a way to request one by mail, computers have helped a lot in the last few years. Most lenders can request a Certificate of Eligibility online in minutes through the Web LGY system. Sometimes the Veterans Administration online records aren't able to grant the certificate, but in most cases it can be granted and produced online immediately.
If you've already used your VA loan once, can you use it again? - In the majority of cases, yes you can. Eligibility is restored after an obligation is fully paid off and the government hasn't experienced a loss on the guarantee, as in a bankruptcy or foreclosure. There is a procedure to determine if your eligibility has been restored in full or partially.
Can a surviving spouse use the VA loan eligibility? - 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.
Your mortgage banker or broker can help with eligibility questions and paperwork to get a VA home loan going. It's definitely worth investigating, as it can make a home much more affordable for a veteran.