The U.S. Department of Veterans Affairs offers home loan services to eligible individuals, such as veterans, military personnel and surviving spouses. To know whether you are qualified for a VA home loan, visit this link.

Before you apply for a VA home loan, it is important to go through these pre-loan FAQs to understand more about this service and get a brief overview of the VA Guaranteed Home Loan, pre-purchase counseling, entitlement and steps in and benefits of obtaining a VA Home Loan.

There are three basic types of home loans being offered by the VA: Guaranteed Loans, wherein the VA can guarantee part of a loan from a private lender; Refinancing Loans, wherein the VA can help you refinance your existing mortgage at a lower interest rate; and Special Grants, wherein certain individuals can receive grants to acquire housing.

For more information on VA Home Loan Benefits, visit their website at www.homeloans.va.gov or call their toll-free number, 1-800-827-1000. You can also access online pamphlets on the VA Home Loan Program here.

Are you active duty military (or a vet who was honorably discharged) AND a native American?  Did you know you can get an amazing loan to buy a home on Federal Trust Land?  Yep, it’s true: the VA offers a special loan just for you.

Program Description

The Native American Direct Loan Program makes home loans available to eligible Native American veterans who wish to purchase, construct, or improve a home on Federal trust land.

The home must be your primary residence.

(It’s also possible to use the program to re-finance an existing Native American Direct Loan.)

General Program Requirements

This program is designed specifically for Native Americans who want to purchase, build, or improve a home on Federal Trust Land.

Native Americans who may qualify for these loans include—

• Veterans (including Reserve and National Guard members who were called to active duty)
• Active duty service members
• Current Reserve and Guard members (usually after 6 years of reserve service)

Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.

Length-of-service requirements apply in most cases.

Veterans must have been discharged under conditions other than dishonorable.

In addition, you must either (a) be a Native American enrolled in an American Indian tribe or Alaskan Native village, a Pacific Islander or a Native Hawaiian; OR (b) be married to such a person.

You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.

If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:

VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

You can download the form at http://www.va.gov/vaforms/.

For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155

Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov Loan Terms
The interest rate is set by VA. The length of the loan is usually 30 years with payments due monthly. The length of the loan is usually 30 years with payments due monthly.

The VA offers military home loans for vets who want to refinance their current VA home loan to get a lower interest rate.  Who doesn’t want to pay less?  The VA offers a great way for military members (and other qualifying veterans) to refinance home loans to save money.

Program Description

VA loan guaranties are made to service members, veterans, reservists and certain qualifying unmarried surviving spouses for the refinancing of a VA home loan.

General Program Requirements

You must have a current VA loan to be able to utilize the Interest Rate Reduction Refinancing Loan (IRRRL) program.

Loan Terms
The interest rate varies and the length of the loan cannot exceed 360 months. Payments are due monthly. No more than 2 points may be rolled into this loan plus allowable closing costs.

Application Process
For more information, see the Program Contact Information below.

Program Contact Information

For more information on this program, please visit:

http://www.homeloans.va.gov

You may contact a Regional Loan Center to discuss purchase and Refinancing issues:

http://www.homeloans.va.gov/RLCWEB.htm

Military home loans guaranteed by the VA are a great deal.  One of the programs offered by the Veterans Administration is their home loan, cash out refinance (or “regular refinance”) program.  With this program, you can refinance your current loan, whether it’s a VA-guaranteed mortgage or not. Usually, the new loan is limited to 90% of the appraised value of the house. There are a few exceptions.

General Program Requirements

Persons who may qualify for these refinancing loans include:

• Veterans (including Reserve and National Guard members who were called to active duty)
• Active duty service members
• Current Reserve and Guard members (usually after 6 years of reserve service)
• Certain surviving spouses

Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.

Length-of-service requirements apply in most cases.

Veterans must have been discharged under conditions other than dishonorable.

You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.

If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:

VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

You can download the form at http://www.va.gov/vaforms/.

For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155

Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov

Loan Terms
Market Interest Rate, VA funding fee, and no pre-payment penalties. Maximum loan term cannot exceed 30 years. Monthly payment frequency.

You should talk with a lender to learn more about dollar limits. VA’s guaranty is limited.

One of the great benefits of being a veteran (or active duty) of the U.S. military is qualifying for home  loans guaranteed by the Veterans Administration.  These loans are great because the VA guarantees a percentage of the loan. This helps vets and active duty (and reserve) military members get a no-down payment mortgage at very competitive interest rates.

General Program Requirements

Veterans and active duty, and others who may qualify for VA guaranteed loans include:

• Veterans (including Reserve and National Guard members who were called to active duty)
• Active duty service members
• Current Reserve and Guard members (usually after 6 years of reserve service)
• Certain surviving spouses

Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.

Length-of-service requirements apply in most cases.

Veterans must have been discharged under conditions other than dishonorable.

You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.

If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:

VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

You can download the form at http://www.va.gov/vaforms/.

For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155

Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov

Loan Terms
A loan to finance the construction/purchase of a residence is closed prior to the start of construction with proceeds disbursed to cover the cost of, or balance owed on, the land, and the balance into escrow. The escrowed monies are paid out to the builder during construction.

A veteran begins making payments on a construction/permanent home loan only after construction is complete. So, if the home takes six months to complete construction, the payment schedule for the veteran obtaining a 30-year mortgage must provide for full repayment of the loan in 29 years and six months.

On a construction/permanent home loan, the builder is responsible for:

• interest payments during the construction period, and
• all fees normally paid by a builder who obtains an interim construction loan including, but not limited to:
  – inspection fees
  - commitment fees
  - title update fees, and
  - hazard insurance.

Application Process
For more information, see the Program Contact Information below.

Program Contact Information

For more information on this program, please visit:

http://www.homeloans.va.gov