What Veterans Should Know About The Home Loan Process
The VA helps Service Members, Veterans, and eligible surviving spouses become homeowners. As part of their mission to serve you, they provide a home loan guarantee benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as Pacific Shores Financial. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms
What you might not know
The length of your service, service commitment and/or duty status may determine your eligibility for specific home loan benefits. After establishing that you are eligible, you will need a Certificate of Eligibility (COE). The COE verifies to the lender that you qualify for a VA-backed loan. For evidence needed to obtain your Certificate of Eligibility you can visit the Department of Veterans Affairs website.
Although the Department of Veterans Affairs is not a direct lender they make the VA loan one of the few mortgage options for borrowers who can’t afford down payments by securing a portion of the loan. VA loans are somewhat easier to qualify for than conventional mortgages. VA loans do not require mortgage insurance as do Federal Housing Administration and conventional home loans with less than 20 percent down payment, which translates into significant monthly saving for VA borrowers.
Borrowers must show sufficient income to repay the loan and shouldn’t have excessive debt, but the guidelines are usually more flexible than for conventional loans. Veterans Affairs does not require a minimum credit score for a VA loan, but lenders generally have their own internal requirements.
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