What Is A VA Loan?
The Phoenix VA Loan option is available for those who are either currently serving in the United States military or who have served in the past. This type of loan makes owning a home more affordable for those who have served their country.
The VA loan program is offered by the Federal Department of Veterans Affairs. They are made by private lenders and are guaranteed by the government. This means the lend is protected against loss if the loan is not repaid, and therefore the financing terms are very favorable for the buyer.
Through the program, veterans can purchase a home for their own personal occupancy with no down payment and may, possibly, get a lower interest rate. Veterans are required to furnish the required paperwork regarding their military service and comply with the proper application process.
VA loans can be used to refinance a property purchased under the VA program, used to purchase specially adapted properties for those with service-related disabilities, and help Native American veterans purchase property on tribal-held land.
To obtain a Phoenix VA loan, you must meet one or more of the following conditions:
• You have served 90 consecutive days of active service during wartime, OR
• You have served 181 days of active service during peacetime, OR
• You have more than 6 years of service in the National Guard or Reserves, OR
• You are the spouse of a service member who has died in the line of duty or because of a service-related disability.
Benefits of a VA Loan
• Equal opportunity.
• No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
• Buyer informed of reasonable value.
• Negotiable interest rate.
• Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
• Closing costs are comparable with other financing types (and may be lower).
• 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.
If currently serving in the military, the applicant must go to their commander, personnel office or adjutant to secure a Statement of Service and the Certificate of Eligibility (COE). Those no longer in the service must furnish the DD-214 and the Certificate of Eligibility (COE).
You can 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, along with proof of military service.
Entitlement and Loan Limit
Lenders will generally lend up to 4 times the amount of the basic entitlement ($36,000) with no down payment required. For loans in excess of $144,000, additional entitlement is available. We can help you determine how much is available for you, but simply put, as of January 2020 - there are no VA Loan limits.
Let Us Help You Get a VA Loan
As a veteran Marine, mortgage originator Jimmy Vercellino has helped hundreds of veterans. Call today, and we’ll help you navigate the process of getting a VA mortgage for the house of your dreams.
Select an option below for more information about VA Loans:
Hey, ohh rah warriors… Jimmy Vercellino here, United States Marine Corps Veteran and your very own highly motivated, truly dedicated producing branch manager and trusted advisor specializing in VA Loans.
So today I wanted to roger up with all my veterans and active duty service members and talk about the VA Loan process and how to get started. So you want to us a VA Loan right? So welcome to the very best mortgage loan financing type- in full disclosure I have a full biased opinion here but I think our VA loan cannot be touched for a number of reasons right? And I’ll talk a little more about that here in just a little bit.
But before I do I wanted to ask you a favor. If you find that the information that I share with you today is of value, would you consider showing your love by hitting like and subscribing to this channel so that way you and I together can educate more veterans and active duty military and dispel a lot of the myths that exist out there with our VA home loan benefit?
Good to go? Alright, lets get started. So the VA home loan- why do I say it’s one of the most competitive loans that’s available in the market place and in my personal opinion THE BEST LOAN is because it’s the only 100% financing loan that’s available in the market place today that you and I as veterans can purchase a home up to any loan amount or any purchase price, so long as we’re eligible and qualify for that loan of course- any loan amount and any purchase price with no down payment and no private mortgage insurance, allowing us as veterans to have a low 30 year competitive fixed rate mortgage.
So those are just a few reasons why I love our VA loan benefit. But how as Veterans do you and I get stated with this process? Easy to talk about it, but what are the first steps? So allow me to explain. The first step that’s going to allow you as the veteran or active duty service member to be ready to roll is to is two things- the first is get a copy of your DD214. If you’re active duty don’t worry about it but If you’re a veteran- get a copy of your DD214 and we as the lender are going to make sure that on box 24 you have been honorably discharged and you’ve served your full enlistment. So from there we’re going to get a copy of that dd214.
Then the next step is to get something called a C.O.E. (Certificate of Eligibility) and that form is so incredibly important and the reason why is because now its going to say you’re eligible for your VA loan. Alright? So there’s a couple of ways you can get that- you can go to your E-benefits portal and request a copy there. You can request a copy from VA.gov, or you can go to your mortgage originator who specializes in VA Loans- somebody like myself, and they can request a copy for you as well.
So now we’ve got our DD214, our certificate of eligibility- now Veterans it’s the third step. We need to get pre-qualified. So make sure you roger up with a mortgage lender who specializes in VA loan and you get that process stated by submitting an application.
From there what the mortgage lenders going to do is- he’s gonna run your credit, they’re gonna ask you for things like W2’s, bank statements, pay stubs, and then they’re going to certify your prequalification letter and prequalify you for a specific amount, so you can go out and start shopping for a new home that’s in line with your monthly budget and your cash, to close among other things.
So that’s a little bit about the beginning steps on how to get pre-qualified for, or I should say, how to get started on the VA loan process and eventually get you pre-qualified.
\Would you do me a favor? If and only if you found this information to be of value today would you consider showing your love by hitting like and subscribing to this channel so that way you and I together can spread the good news about VA loans and help more veterans achieve home ownership.
My name is Jimmy Vercellino. If you have more questions, feel free to visit my website at VALoansforvets.com. Thank you and may God bless you for your service to our great country. Semper Fi.