Applying For A VA Loan

A VA loan is essentially a mortgage loan provided by the United States Department of Veterans Affairs to a veteran. To qualify, you need to be a veteran and must have served in the military. You must also list all of your earnings as well as all monthly expenses on a government-issued form known as a VA statement of eligibility. Once you apply for a VA loan, you must pass a credit check and receive a federal waiting list. Once you are placed on the waiting list, you can apply for a VA loan. This is pretty much the same process as applying for any other kind of loan from a bank or private lender. Visit this siteĀ

One of the benefits of applying for a VA mortgage is that you do not need a cosigner or other kind of government approval to qualify for the loan. In fact, no credit check is required. You are considered an ideal candidate for a VA mortgage if you are a veteran and meet other qualifications such as your decent credit history, income, and the ability to repay the loan. The federal government pays the interest while the veteran is still receiving pay from active duty. If you are a veteran of the Vietnam War or any other war, you may be eligible for lower interest rates.

Veterans who wish to refinance their VA loans must complete and submit an application for Federal veteran mortgage insurance. To do so, you will need to obtain a copy of your Active Duty Certificate, your Certificate of Eligibility for Federal Housing Administration, or a copy of your separation notice. The forms are available from your local VA office, through a distribution service, or through a loan processing center. Once you have completed the application, you will need to contact the lender to complete the final necessary steps.