Saturday, March 24, 2012

VA Home Loan Eligibility FAQs for Whidbey Island-Part 1 | Whidbey ...

Answering questions about VA loan is what this website is all about. There are a lot of questions so I will break it down into different areas. The first is a question that I got this morning.This is part 1 of?2 on VA Home Loan Eligibility?FAQs: (Most of these come directly from the VA Home Loan website.)

Q: Can I refinance my current conventional loan with a VA guaranteed home loan?
A: You can finance with a VA loan, however, it is not 100% loan to value financing like a purchase. VA doesn?t have a difference between cash out and rate and term refinance, both are limited?to 90 percent loan to value unless you are doing a VA to VA refinance and then there is a difference between a cash out and an IRRRL (interest rate reduction refinance loan).

Q: How do I apply for a VA guaranteed loan?
A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.FHAVAUSDAApproved1

Q: How do I get a Certificate of Eligibility?
A: Complete a

VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Atlanta Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it?s best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?
A: Yes, it?s called Web LGY. Most lenders have access to the Web LGY?system. This Internet based?application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be?processed through Web LGY?- only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?
A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.
If you were discharged?from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be?included with your VA Form 26-1880. If you were discharged?after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE?..DO NOT SUBMIT AN ORIGINAL DOCUMENT.
If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.
If you were discharged from the Selected Reserves or the National Guard, you must?include copies of adequate documentation of at least 6 years of honorable service. If you were discharged?from the Army or Air Force National Guard, you may submit NGB?Form 22, Report of Separation and Record of Service, or NGB?Form 23, Retirement Points Accounting, or it?s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.
If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?
A:
Standard Form 180, Request Pertaining to Military Records, is used?to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed?and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

If you have questions about an VA Guaranteed Home Loan, please contact me, your Whidbey Loan Guy. I am a Vietnam era veteran and have a VA loan myself. I would be happy to help you in your loan needs. Even if we can?t get you qualified today, I will spend the time with you getting things straightened out so you can qualify in the future. I am a Senior Mortgage Advisor with Pinnacle Mortgage Planning, 3157 N. Goldie Rd., Suite 107, Oak Harbor WA 98277. You can reach me at 360-682-6913/541-221-3455 cell or by e-mail.

Source: http://navalstationwhidbeyvaloans.com/2012/03/23/va-home-loan-eligibility-faqs-for-whidbey-islandoak-harborault-fieldpart-1/?utm_source=rss&utm_medium=rss&utm_campaign=va-home-loan-eligibility-faqs-for-whidbey-islandoak-harborault-fieldpart-1

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