Veterans and Home Buying: VA loans are one of the best benefits!

Veterans have many benefits that try and do a little to repay their sacrifice. Obviously the sacrifice can never be fully repaid, but VA veterans home loans are one of the best. If you are a veteran, in the market for a home loan, take full advantage of your va loan benefit. You will get a stable, low interest rate, and not have to put a dime down. That's a benefit most others cannot get.

However, when buying a home, new or used, veterans need to take into account a few things before buying. Location is everything in real estate. Because veterans are a good risk from having the VA loan benefit, you still need to be cautious. You should make a list of the locations you want and the amenities. Most people who are home buying do that. But did you know you need to make a list of things that you don't want as well? Many people forget this and come to regret where they bought their home.

Here are some home buying tips for you to look for things about your prospective home that you do not want. Remember, it's all about location. Location can make or break your home investment. Your home is an investment as well as a place to live. If you end up being unhappy about where you live, you want to make it easy to sell your home for a profit, or at least break even. If not, it can affect you financially and personally.

Closed or abandoned businesses or schools. Do not buy a home near businesses that have closed and left many vacant buildings. It's a sign that things are going downhill. Homes their may be cheaper, but not worth it. Stay away from neighborhoods that have closed schools. It's a sign that families are moving away. Don't just concentrate on the individual house. You must check out the surroundings as well.

Landfills, dumps, sewer stations, water treatment, power plants, and other such enterprises are another home buying killer. They come with noise, smells, and maybe traffic. A lovely house is only as good looking at the surrounding area. How can you relax in your backyard while seeing or smelling smoke? Airports are another noise problem. You need to think about what type of eyesores and smells that you can tolerate. Don't be fooled into a great house when the outside is unlivable.

Do some research on how many homes nearby have been foreclosed on. This will be a sign of neighbor distress. Home values will plummet, and living next to abandoned homes is not prudent. Not only will it drag your value down, it may attract crime. Plus, abandoned homes can be eye sores.

Even if homes in the neighborhood are not foreclosed on, some of your prospective neighbors may not be that great at keeping up their property. Check out the homes around the one you want. Look at how the landscaping and upkeep of the homes is. Don't buy in a neighborhood where homes are unkempt. A home owners association is an extra expense, but they do have some power to force people to keep up their homes. Also, look for abandoned vehicles, junk piles, etc. This will give you an idea of how your neighbors will treat their homes. They will be a drag on your home investment.

Most times home buyers are attracted to the home and neglect to check out the area. Don't make this mistake. You don't buy a home planning to move soon, but things happen. If you choose the wrong home in the wrong area, you will lose money. Protect your home. It is an investment!

>>Information on VA Veterans Home Loans.

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VA Veterans Home Loans- Take Advantage Now

If you are a veteran, one of your benefits is a VA Veterans Home Loan.

With home prices rising, if you are a veteran thinking of buying a home, don't wait. Interest rates are still low, but may go higher. Also, the $8,000 first time home buyer tax credit is only in effect for a few more months. If you wait too long, you may not qualify.

Here are some advantages to VA Veterans Home Loans:
Low closing costs.
No private mortgage insurance.
No money down.
You don't need a minimum credit score, just qualifying credit.

Learn more about VA Veterans Home Loans Here!
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VA Veterans Home Loans

Eligible veterans should take advantage of a VA Veterans Home Loan before the cost of home ownership goes up. Interest rates and home prices will not stay low. Get in on a VA Home Loan now.

As a veteran, you do not need to put money down on a home loan. This is the LAST home loan currently available with no down payment! Why would you not take advantage of this?

Also, the governments tax credit of $8,000 is up in November. The fall is a perfect time to buy a home. It is a buyers market.

Your eligibility for a VA home loan depends on when you served, whether your service was in peacetime or wartime, and the length of your service. Generally, active service of 90 days in wartime and 181 days in peacetime meets the minimum requirement to qualify if your service was before September 7, 1980. After this date, you may have to meet a 24-month requirement of continuous active service. There are exceptions to this, such as injury, troop reductions, and certain medical conditions.

If you are the spouse of someone who has died in active military duty or as a result of a disability suffered in active duty, you may also be eligible for a VA loan. Thanks to the Veterans’ Benefits Improvement Act of 1994, those who serve at least six years in the National Guard or Selected Reserve have become eligible as well.

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VA Vetrans Home Loan Eligibility. Are you Eligible for a VA Home Loan?

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called Web LGY. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.

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