Get Help on your VA Loan Huntsville AL from a Local Veteran and not some telemarketer in another state!
I was a Corporal in the US Army from 1994-2000 as a Medic and was deployed to Operation Joint Endeavor. I am an experienced loan officer that originates VA Loans!
If you are a current service member or a Veteran then a VA loan is the preferred loan program because there is no down payment needed. There is also no monthly mortgage insurance required.
You can use a VA loan to purchase a home or refinance an existing mortgage.
VA Does Not Offer Loans Directly and Does Not Guaranty That You Will Qualify.
VA does not actually lend the money to you directly. They only guaranty the loan so that if you should default on the loan, then VA will pay the lender a percentage of the loan balance. As a result the word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.
Primary Benefits of a VA Loan:
- 100% financing (up to the county loan limit)
- No monthly private mortgage insurance is required
- There is a limitation on buyers closing costs
- The loan is assumable, subject to VA approval of the assumer’s credit
- 30 year low rate fixed loan
- Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
- Interest rates are similar to FHA rates
- You don’t need perfect credit
Who is Eligible for a VA Loan?
- 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)
- Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
If you had service only during peacetime or are on active duty then you must have had more than 180 days of active service. If you are a veteran of enlisted service which began after September 7, 1980, or an officer with service beginning after October 16,1981, must in most cases have served at least 2 years.
VA Documentation Needed:
The three specific pieces of documentation that we will need to determine your eligibility is:
- DD214 for discharged veterans
- Statement of service for active military personnel
- Certificate of eligibility (COE) to determine you have VA entitlement.
The next step is to contact me to find out if you meet their qualifying criteria. That criteria is minimum FICO/credit scores and debt-to-income (DTI) ratios. I can help you obtain your certificate of eligibility on your behalf and help you determine if you qualify.
Frequently Asked Questions:
Q: Are 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 you obtain proof of military service?
You can use Standard Form 180 to apply for proof of military service regardless of whether you served on regular active duty.
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.