Veteran’s Day is a day to honor the men and women in the military who honorably served our country. Whether you served during wartime or peacetime, we want to thank all of you for your service to our country!
There are many veterans who want to purchase a new home, but do not know where to start. Before you go house hunting, let’s take a look at the VA home loan program:
VA Home Loans: The VA loan program helps active duty and retried military personnel purchase homes. Because VA loans are backed by the government, they are easier to qualify for than a conventional loan. VA loans offer 100% financing with no monthly mortgage insurance. Also, the VA limits the types of fees that can be charged in order to protect against predatory lending.There are a couple of things you need to start the loan process:
DD214 or Statement of Service: Being a veteran, you know that the DD214 is a certificate of release or discharge from active duty. It is provided to all branches of the military (Army, Navy, Marines, Air Force and Coast Guard). It provides information such as dates of service, types of discharge, awards, etc. The DD214 is required to obtain your Certificate of Eligibility (COE) for a VA loan. If you have misplaced your DD214, you may request a free copy at the national archives website.
If you are still on active duty, you will need a current statement of service signed your commander of the unit. According to the VA Website, there is no unique form used by the military for Statement of Service. While statements of service are typically on military letterhead, some may be computer-generated. The statement of service is signed by, or by the direction of, the adjutant, personnel office, or commander of the unit or higher headquarters they are attached to.
The statement of service must clearly show:
- Veteran’s full name
- Social Security Number
- Entry date on active duty
- Duration of lost time, if any
- Name of the command providing the information
Certificate of Eligibility: The Certificate of Eligibility (COE) verifies to the lender that you are eligible for a VA-backed loan. Your entitlement never expires, however, you man need to renew your COE if it is older than 12 months. http://www.ebenefits.va.gov/
Having the above documents ready before you find a home and apply for the VA loan, will help you save time when you meet with your lender.
Please visit the VA website for more information.
For more information on homebuying, please contact Sheri Jones and Associates at 909-660-1838 sherijones2012@gmail.com
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