Getting Your VA Home Loan is Easy
Chicago, IL (PRWEB) July 15, 2013 -- The Federal Savings Bank, an institution specialized in veteran loans, explains to perspective clients that VA home loan eligibility comes with a number of specific requirements, just as other mortgage applications do.
What is the first step?
In order to get approval for a VA home loan, veterans must first locate a mortgage lender that is VA-approved. The best financial institutions to approach would be veteran-owned banks such as The Federal Savings Bank. Once an appropriate mortgage lender has been identified, the next step involves obtaining a Certificate of Eligibility (COE).
Obtaining a COE communicates to a mortgage lender that an individual does, in fact, meet VA loan standards such as the number of terms of service and the status of discharge. While the number of continuous days of active service a veteran must serve in order to be eligible for the U.S. Department of Veterans Affairs' home loan guaranty program varies depending on the time served. However, the required minimum days served ranges between 90 and 181 days of active duty, or 24 months of continuous service.
It's important to note that a number of non-military personnel are also eligible for a VA home loan, as well as veterans who were discharged due to government convenience, hardship, a reduction in force, disability or medical conditions. Non-military persons who are eligible include military spouses under specific circumstances. Members of the national guard, the reservists, members of military academies as well as officers with the National Oceanic & Atmospheric Administration and the U.S. Public Health Service are also eligible for a VA home loan.
Getting a COE
There are a number of ways to get a COE. One of the easiest ways is to request your VA-approved mortgage lender to access VA website, Web LGY. This is the VA's online loan guaranty portal that is only accessible to authorized VA lenders. Using this portal, lenders can ascertain an individual's eligibility within minutes. A COE can then be authorized online.
If relevant information is not available, and eligibility cannot be determined, a manual application can be submitted, even though it is discouraged. Those applying for a VA Interest Rate Reduction Refinance Loan (IRRRL) are not required to produce a COE, as one was needed at the outset of the loan's origination. A simple, one-page form - Form 26-1880 - may also need to be submitted in order to get a COE, and can be submitted by a mortgage lender on your behalf using the Web LGY portal. In addition, copies of a veterans discharge report, certificate of release or DD Form 214 will be needed for submission. As with the Form 26-1880, these materials can be submitted online.
Once this process is completed, you are on your way to getting a 100 percent guaranteed, low rate mortgage from the VA without any need for mortgage insurance.
To get started on veteran home loan application, please contact a loan officer at The Federal Savings Bank.
The Perfect Mortgage Experience, The Federal Savings Bank, https://www.thefederalsavingsbank.com, 855-686-3883, [email protected]
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