Veteran's Administration Mortgage Loan Guaranty
According to a recent Mortgage Bankers Association's National Delinquency Survey, the VA's foreclosure and serious delinquency rates have been the lowest in the housing industry, even when compared to prime loans. VA-guaranteed home loans are made by banks and mortgage lenders, with the VA ensuring payment of a portion of the loan if the borrower fails to repay the balance. Because the VA backs the loan, it is easier for mortgage lenders to approve.
Buy a home, Refinance to a lower rate, buy a townhouse or condominium unit and build a home or you can also use it to repair, alter, or improve a home and much more. Fill out the simple and secure form to compare lenders and find the best rates.
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In a time where other no-downpayment programs are virtually non-existent and mortgage credit can be difficult to get, Veterans and Servicemembers have an avenue to obtain financing and take advantage of historically low rates through the VA home loan program. Most Veterans, Servicemembers, Reservists and National Guard members, as well as some surviving spouses, are eligible for the program, which provides an opportunity for borrowers to qualify for no-downpayment home loans as well as regular and interest-rate-reduction refinance home loans.
How do you request a Certificate of Eligibility for VA Home Loan Benefits?
It is possible, actually preferred, to obtain a Certificate of Eligibility from your mortgage lender. If you are ultimately approved for a loan, allow the vendor you choose from the form above to do the leg work for you. Most lenders have access to the Automated Certificate of Eligibility (ACE) system. ACE is Internet based, and the application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds.
You can also go online and use the VA's EBenefit Web site to access your VA beneift data, and even apply for your certificate. For those who do not have access to the Internet, you can request a Certificate of Eligibility for VA home loan benefits by completing VA Form 26-1880 and submitting it to the VA Eligibility Center along with acceptable proof of service as described on the instruction page of the form.