Basics of the VA Home Loan Guarantee Program
Step-by-step instructions on how to obtain a VA Mortgage
By Juan C. Jimenez, VA Mortgage Loan Specialist, Primary Residential Mortgage, Inc.
Our country affords our veterans the opportunity to obtain a mortgage for a home with no money down and no mortgage insurance. A VA loan is 100% guaranteed which allows the banks that lend the ability to take greater risk. The benefits of a VA loan are available to all honorably discharged Veterans, Active Duty, surviving spouse and dependents.
Eligibility requirements for a VA Loan
- Sufficient income to meet your proposed monthly mortgage payment and current debt
- A valid Certificate of Eligibility (COE)
- An Honorable Discharge DD Form 214
- Government issued ID
- Social Security card
- Last 2 years tax returns
- Last 2 months bank statements
- 1 month of recent pay stubs
- Other acceptable forms of income are Social Security Benefits, Pension and Disability
Ways to obtain a COE or other military documents
1. Login or register on the eBenefits portal: https://www.ebenefits.va.gov/ebenefits/homepage
2. Apply through your VA approved lender (we can have it in a matter of seconds).
3. Apply by mail: http://www.vba.va.gov/pubs/forms/vba-26-1880-are.pdf
Mail the completed form to:
VA Loan Eligibility Center
Attn: COE (262)
PO Box 100034
Decatur, GA 30031
How to apply for a VA Loan
Step 1: Gather all of your documents and contact your preferred VA Mortgage professional.
Step 2: Complete your Mortgage Application together with your VA Mortgage Professional. This will jump-start the approval process and will determine what your buying power is.
Step 3: Start shopping for your Home! A qualified realtor can help you in this process. Make sure your realtor is a member of the VAREP (Veterans Association of Real Estate Professionals). A realtor that is a member the VAREP knows the ins and outs of contract negotiating for a Veteran.
Contrary to what most believe, the process of getting a VA loan is not that much different from getting a conventional or FHA loan. In fact, the credit criteria for the VA loan is more flexible, making it easier to qualify for it than for a standard conventional loan.
And here’s something else to know about home ownership in Florida—every Florida resident receives a $25,000 homestead property tax exemption.
About Juan C. Jimenez