Step by step instructions for receiving a benefit that you have earned.
There are millions of people that have bravely and courageously served our country by joining the US armed forces and entering our military. Soldiers sacrifice their temporary freedom, ability to be with family and live as they please, to preserve our nations freedom both now and in the future. Soldiers fight for those who cannot fight for themselves – both at home and abroad. We owe these men and women a great deal of gratitude. If you are one – we thank you. Due to their service many will qualify for a VA loan guarantee and be eligible for a VA home loan. If you have served in our countries military here are the steps to receive your VA loan benefit.
4 Steps to Receiving VA Loan Benefits
2. Obtain a Certificate of Eligibility. You can do so by visiting this website or calling
1-888-768-2132. Your VA approved lender may be able to retrieve the form for you through their online resources. If you do not currently have a certificate – ask if they can help.
3. Speak with a VA approved mortgage lender to discuss current mortgage rates and loan options and begin the application.
4. Prepare your income documentation including two recent pay stubs, two years W2s and tax returns for lender review. This will help them determine what size of loan you qualify for.
The VA loan guarantee is the governments way of insuring a portion of your loan so that the private lender (the business actually lending you the money) does not take on all the risk of your loan. It’s as if the government is saying “you believed in us, so now we believe in you and will insure your credit worthiness and ability to repay your loan”.
It is important to note that just because you qualify for the loan guarantee you do not automatically qualify for a VA mortgage loan. You still need to go through the approval process which entails a credit, income and asset review. Fortunately a VA lender that specializes in these government mortgage loans can walk you through the process. As a Veteran you earned every penny of your loan guarantee so start the process today and enjoy the benefit you deserve.
If for some reason you do not meet VA loan requirements there are other government programs which can assist you. The Federal Housing Administration offers FHA loans with easy qualification. As always, speaking with FHA approved lenders may be the best option in this case. As opposed to a mortgage broker, lenders who are approved by the VA and FHA will many times offer every government mortgage program available and provide the best information about each loan.
