Tips To Apply For A Certificate Of Eligibility For A VA Home Loan
Chicago, IL (PRWEB) June 09, 2015 -- Those who serve the country may qualify for a home loan from the U.S. Department of Veterans Affairs. According to the VA, to be eligible an individual must apply for and obtain a Certificate of Eligibility. With this, a serviceman or woman can access an array of benefits associated with receiving a VA home loan.
The Federal Savings Bank, a veteran owned lender, offers a few tips on how to apply for a certificate of eligibility for a VA home loan
Know the benefits
The VA also indicated with a VA home loan,a qualified individual can obtain a home without providing a down payment or needing private mortgage insurance. In addition, lower interest rates are available to eligible veterans, which can save a homeowner a great deal of money over the life of the loan.
If an individual has difficulty making payments, VA home loans come with professional assistance. VA loan technicians will help a home owner explore options to help avoid foreclosure.
A VA home loan can be used to purchase a new home or condo. In addition, it can finance the construction of a new home, refinance a conventional loan or refinance for a lower interest rate on an existing VA loan.
How to apply for a COE
A COE is an individual's key to VA home loan access. Those who may be eligible include:
Veterans
Current active duty members
National Guard Members
Reserve Members
Surviving spouses of veterans killed while on active duty, missing in action or prisoners of war
A minimum active duty service requirement, qualifying active duty dates and wartime or peacetime periods must be considered for eligibility.
Each applicant must provide information relative to his or her status as well. For example, a veteran who served during the Gulf War must provide a DD Form 214, which indicates the character of service as well as the reason for separation.
When an individual decides to apply,find a lender who works with VA loans and getting his or her credit score higher to improve their chances of approval.
Contact the Federal Savings Bank, a veteran owned bank, to learn more about mortgages.
Giorgio Urbano Ferrero, The Federal Savings Bank, https://www.thefederalsavingsbank.com, +1 8473386062, [email protected]
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