A VA loan is one of the main benefits military veterans can obtain when preparing to purchase a home. A VA loan allows you to purchase a home without a down payment. If you want to have a better understanding of these loans, below are a few important VA loan information you may find helpful.
VA LOAN INFORMATION
What forms of documents do I need if I was discharged a few years ago?
Each person applying for a VA Loan will need to obtain a Certificate of Eligibility with the use of a VA Form 26-1880. The form will require that you use a copy of your DD-214 to prove your service. The loan application will also need your savings, credit, and employment information.
Are Reservists eligible for a VA loan?
Members who have served in the Selected Reserves or National Guard for at least six years are eligible for a VA loan. Men and women who have served less than six years, if they’ve been discharged due to a disability that is related to their service, are also eligible. Those who were activated on or after the date of August 2, 1990, and were discharged or served 90 days, are also eligible for a VA loan.
Can I build a home with a VA loan?
Veterans can build their own home with the use of a VA loan. However, it can be a complicated process to get approved due to various clauses that are in effect. If you’re looking for more FAQs on this topic, you may be able to get a private home construction loan if you negotiate in good faith with the VA Certificate of Eligibility. You can then refinance the completed home with your VA home loan.
How can I find out more about inventory of VA foreclosed homes?
VA guaranteed loans are often obtained by The Department of Veterans Affairs and are often marketed through Ocwen Federal Bank FSB, West Palm Beach, Florida, which is a property management company. If you’re interested in purchasing a foreclosure, you can visit the company’s website online to obtain a list of properties that are available in the local area.
Can I buy a home if I’ve already taken advantage of the VA loan before?
One of the most commonly asked questions for those who are looking for VA loan information is if they can purchase a second property if they’ve already used a VA loan in the past. Your entitlement will need to be restored. This requires you to first pay off your previous VA loan. Your entitlement may also be restored if you no longer own the previous home. You’ll be able to reuse the loan for each home purchase that you make in the future.
Does the entitlement ever expire?
Your entitlement never expires and can be used immediately if you’re on active duty. When you are released from active duty or are discharged then a new determination of disability will be made.