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Mortgage Loans Debt
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VA - Home Loans - Regular Purchase - 2007/05/08 19:04
Program Description
VA loan guarantees are made for the purchase of homes, condominiums and manufactured homes (when they’re classified as real estate).
VA guarantees a percentage of the loan. This helps the veteran obtain a no-down payment mortgage at a competitive interest rate.
VA loans may also be refinanced. (Please see Cash-Out or Interest Rate Reduction Refinancing Loans programs on this site. You can search on “Cash-Out” or “Interest Rate Reduction Refinancing.” Be sure to include the quotation marks when you type in the entry.)
General Program Requirements
Persons 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
Market Interest Rate, VA funding fee and no pre-payment penalties. Maximum loan term cannot exceed 30 years. No maximum loan amount; monthly payment frequency.
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