VA loans offer a plenty of benefits for the veterans. This is because there is no down payment, they have an automatic safety system and the credit requirements are minimal. Acquiring the VA loan requires you to follow the guidelines.
If you have trouble following the requirements, then you are the right place. We have answered some of the most frequently asked questions to help you. Have a look!
How to Get a VA Loan Certificate of Eligibility?
If you want to get a VA loan, you need to prove your eligibility. For this, you will need to get a certificate of eligibility. This will inform your lender that you are a qualified borrower for the VA loans. You need to fill out a form, VA form 26-1880 and send it to the regional Eligibility Center. You have to make sure you have attached the required documents, such as a copy of DD 214 discharge form.
It is recommended to keep in mind not to send the original paperwork. The procedure of certificate of eligibility for discharge will be different from honorable. In case of a discharge military personnel, the VA must make sure the borrower was not dishonorable.
Can you Buy a Foreclosure with a VA Loan?
Yes, you can buy foreclosed properties as far as the requirements of the VA are fulfilled. Basically, the foreclosures are sold in two different ways, it will first be auctioned by the county sheriff to a third-party highest bidder. If the property is not sold at the auction, then it will be obtained by the lender.
Since for buying the house at an auction, you will only have 48 hours to pay, the VA prefers to buy a foreclosed property from a service lender. This will provide them with more timeframe to close the property.
Do you Need Mortgage Insurance with a VA Loan?
There are many benefits of applying for VA loan including there are no mortgage insurance requirements. This might be a surprise to some, but VA loans don’t require borrowers to have mortgage insurance. It is a good thing because mortgage insurance can cost a lot annually. This will help the borrowers save a considerable amount of money.
When taking VA loans, you have to keep in mind that you will not have to require Private Mortgage Insurance (PMI) and there is no down payment. So, no, you will not need a mortgage insurance when obtaining VA loan.
Overall, if you need any help, we are always ready and willing to help you. We have professional and skilled professionals who will help gather all the required documents and fill the form on your behalf. You can have peace of mind and focus on other important tasks while we will submit the form. We will make sure the chances of rejection are down to zero. If you have any queries or want to know more VA loans, please feel free to get in touch with our customer support experts.