Home Purchase Archive
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VA Loan Closing Costs: Who Pays?
Besides the advantage of requiring no down payment for qualified VA borrowers, there's also a distinct advantage for the borrower regarding closing costs. The veteran is limited to the types of closing costs that may be paid, helping the veteran save money at the closing table. But if there are costs associated with a VA mortgage and the veteran isn't allowed to pay for them, who does? The Types A common way to remember which costs a veteran... more
VA Loans and Liquid Assets
VA home loans, perhaps the most popular benefit available for those who qualify, are primarily famous for their zero down payment requirement. VA loans have been available since the original creation of the Serviceman’s Readjustment Act of 1944, commonly known as the G.I. Bill. Yet while VA loans don’t require a down payment there will most always be other fees and costs associated with buying a house and a VA lender will make sure you have en... more
VA Home Loan Still a Good Option
Department of Veterans Affairs
WASHINGTON -- More servicemembers and veterans are using their Department of Veterans Affairs (VA) home loan guaranty benefit, as VA's loan program remains a strong option in today's housing market. VA is experiencing a significant increase in home loan volume, with more than 162,000 home loan guaranties provided this year, an increase of more than 31 percent over the same period last year. "VA attributes this increase to the favorable t... more
VA Loan Forms
Military.com
In order to receive your Certificate of Eligibility for VA loan benefits, you will need to submit your request for a Certificate of Eligibility (VA Form 26-1880), as well as your service record. If you are a military spouse, click here for important information. VA Loan Certificate of Eligibility Request Certificate of Eligibility Request This form must be completed and sent in with a service record (DD-214) if you want to obtain a Certifi... more
Starting the Loan Application Process
Military.com
Now that you've determined that you are eligible (if you aren't sure, please check your VA loan eligibility), you can begin the loan application process. This process involves six important steps: finding a VA-approved lender, pre-qualifying for a loan, selecting your home, drawing up the purchase contract, getting the property appraised by the VA, and finalizing the loan. To obtain a VA loan, it is important to note that the law requires tha... more
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