The VA loan is a financial assistance available to more than 25.5 million eligible veterans as well as service personnel. This benefit, which is designed to offer housing assistance to veterans and their families, is undeniably attractive and provides several advantages to boot. A veteran is eligible to avail of the VA loan if he served on active duty and was honorably discharged after not less than 90 days of service during the war, or not less than 181 consecutive days during peacetime.
If a veteran began his service after September 7, 1980, or if he was an officer and started his service after October 16, 1981, then there is a two-year requirement for that to able to make use of the loan. On the other hand, there is a six-year requirement for national guards and reservists, with specific rules and criteria to follow before surviving spouses can also avail of the VA loan.
Together with the VA loan is the VA funding fee, which is required by law for veterans. This fee, which at present time is 2.15 percent with no down payment loans for a first-time user, is designed to allow a veteran who avails of the VA home loan to actually contribute to ease the cost of the said benefit for other taxpayers.Loan type: VA Refinance VA Purchase VA Cash-out State: Select A State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
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Before starting the application for the VA loan, you need to prepare some information. Here are a number of the things you have to have in hand:
- Social Security numbers
- Residence addresses for the past two years
- Names and addresses of your employers over past two years
- Your current gross monthly salary
- Names, addresses, account numbers and balances on all checking and savings accounts
- Names, addresses, account numbers, balances and monthly payments on all open loans
- Addresses and loan information of other real estate owned
- Estimated value of furniture and personal property
- Certificate of Eligibility and DD214, (for veterans only)
- W2’s for the past two years and current check stubs
- For self-employed individuals, you need to have your personal tax returns for the past two years, current income statement and balance sheet for the business