Supporting Veterans with Home Loan Assistance
Fri, 11/09/2012 - 4:26pm | by monicadear
U.S. Veterans and active military are our nation's great heroes. They are dedicated to keeping us safe and protected at home, so let's return the favor: many returning service members and veterans don't realize that the Veterans Administration offers assistance with mortgages.
Only 10% of our country's 24 million veterans and service members take advantage of their VA mortgage benefits, which include excellent terms on home loans for US veterans. For those veterans who are interested in obtaining assistance, here are three steps to take:
1) Identify if the veteran or service member is eligible.
VA loans are available to a variety of participants, check for the latest requirements, which are currently:
a) minimum two years of service on active duty,
b) members of the Reserves or National Guard who serve at least six years,
c) 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, or
d) veterans discharged due to a service-related injury.
2) Obtain a Certificate of Eligibility (COE)
This certificate is a Proof of Eligibility and can be filled out through an approved lender or through the Veterans Administration office. Technology is available to pull a COE online through the mortgage provider or through the VA.
3) Contact the mortgage lender for additional requirements.
VAmortgage.com has an option to apply online or call for additional information. With excellent support and a variety of resources, a service that focuses on mortgages for veterans can be more personalized and provide more assistance - 80% of VA loan borrowers were not qualified for a conventional loan but can get the terms they need through these special mortgage services.
The VA Home Loan Program has been in existence for more than 67 years and has offered backing and security to more than 18 million veterans and active duty service members. Benefits of a VA home loan include no mortgage insurance required, no down payment, regulated closing costs, and more flexibility during the application process, including reduced income and credit requirements and higher debt-to-income ratios.
We all can express our deepest gratitude to the veterans in our lives.
If you are a veteran or service member, or if you know of one who is looking for assistance buying a home or condo, consider forwarding this information along to them. It's a great way to say "Thank You" for their tireless service and dedication.