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.
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
There’s also a handy fact sheet
available at:
http://www.vba.va.gov/benefit_facts/index.htm#home-loan-info
Please contact a Regional Loan Center
if you have detailed questions:
Http://www.homeloans.va.gov/RLCWEB.htm
Managing Agency
Veterans Benefits Administration (VBA)
http://www.vba.va.gov
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