Texas, Florida, Colorado, California (PRWEB) April 18, 2012
The newest VA Mortgage Experts are spreading VA Home Loans out to Veterans across the nation and were recently licensed in another state, which is Sunny California. To no surprise at all, the mortgage company named "Security America Mortgage, Inc.", continues to bring a smile to the faces of many Americans who served the United States Armed Forces with honor, and all by helping military members obtain the home of their dreams.
Recently, the company aided Veterans with answers to some serious questions concerning the VA home loan process. Below are some common VA Loan FAQs that Veterans and Military Members still in Active Duty usually get stumped on.
The first question commonly asked is probably the easiest one to answer, which is, "How much is my VA Entitlement?" The answer is as simple as this: For all military members, their basic VA entitlement is $36,000. For VA loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the VA county loan limit for a single family home may be available. This VA loan limit can change yearly. VA county loan limits for 2009 are available at this link. The conforming loan limit for 2008 is $417,000 ($625,500 for Hawaii, Alaska, Guam and U.S. Virgin Islands). What this means is that all qualified veterans could get a no down payment purchase home loan for the listed amounts.
The next question during the VA Home Loan Process is, "How do I get a Certificate of Eligibility?"
At Security America Mortgage, as with most VA lenders with websites, it may be possible to obtain a Certificate of Eligibility online using a common "Get Started" form. Most lenders have access to the Web LGY system too, which is an internet based application that establishes eligibility AND issues an online Certificate of Eligibility in a matter of a few seconds. However, not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records.
For Veterans who like to take the more independent role can also apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility, to the Winston-Salem Eligibility Center, and including their proof of military service (DD214).
And now for the BIG question that scares many potential VA homeowners away falls under the phrase, "How do I obtain a VA Home Loan?"
The simplified steps to obtaining a VA Home Loan are as follows:
1. Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your VA home loan.
2. Select a lender, present them with your Certificate of Eligibility if available, and complete a loan application. The lender can also obtain a Certificate of Eligibility on your behalf.
3. The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable
4. Value will be issued. Note: You may be required to pay for the credit report and appraisal unless the seller agrees to pay.
5. The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
6. You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.
The benefits of a VA home loan often come up as soon as veterans realize how easy obtaining a VA Home Loan is. Many who apply may even ask, "What's the Catch"? The catch is a Big Fish made of; Equal opportunity. No down payment requirements. Buyers who are informed of reasonable value. Negotiable and flexible interest rates. The ability to finance the VA funding fee.
Closing costs are by far better than other home loan financing types.
Other VA Home Loan Benefits include: No mortgage insurance premiums. An assumable mortgage. Right to prepay without penalty. For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder. VA assistance to veteran borrowers in default due to temporary financial difficulty, and so on, and so forth.
The last step is qualifying for a VA home loan. At this point questions come up, like, "May a veteran join with a non veteran who is not his or her spouse in obtaining a VA loan?" Besides the fact that the VA guaranty is based only on the veteran's portion of the home loan, the answer is still a surprising, yes! Unlike other home loans like FHA and conventional, mortgage lenders must submit joint VA home loans to VA for approval before they are accepted for a mortgage finance.
To learn more about buying a home in Texas, Florida, Colorado, and California, contacting a VA Loan Expert for free is the best route to take when taking the first step.