How do VA loans work?

Many people hold the false assumption that the federal government directly offers VA Loans to veterans, but this is not actually the case. What the federal government does is guarantee loans that regular mortgage lenders make to veterans. By guaranteeing the loans, the Veterans Administration promises to pay back the principal loss in case the buyer defaults against the loan.

How can I get a VA loan?

VA loans are available with any mortgage lender participating in the VA Home Loan Program. Our VA Loan company, for example, specializes in the various types of loans available to veterans and is an active participant in the VA Home Loan Program. We require certain documentation, such as a Certificate of Eligibility, from the Veterans Administration in order to process and approve your loan.

Where do I obtain a Certificate of Eligibility?

You can get a Certificate of Eligibility yourself from the Veterans Administration or your state government. Our VA loan company can also get a Certificate of Eligibility for you via our online system, provided the Veterans Administration has enough documentation about your service in its records.

What constitutes sufficient proof of service?

For personnel still in active duty, they must provide a signed statement of service by the commander of their unit or personnel officer. The statement of service must be an original, not a copy, and should identify the serviceman or woman, show their social security number, and date of entry into service. Any time lost should also be provided.

For veterans who were discharged after January 1, 1950, they also need to include a DD 214 Form in their application. The DD 214 Form is a certificate of release or discharge that shows duration of service, name, social security number, and honorable or dishonorable discharge as well as completion of service. Since VA loans are not guaranteed to personnel with dishonorable discharge, the DD 214 helps the Veterans Administration appraise VA loan applicants.

Personnel from the National Guard and Reserves are required to provide documentation showcasing at least six years of honorable service.

How can I get proof of service?

Veterans are automatically provided proof of service upon being discharged. If you require a copy of the documentation, you fill out a Standard Form 180 at http://www.archives.gov/research/order/standard-form-180.pdf which you then mail to the appropriate address listed on the back of the form.

Can I get multiple VA loans?

Yes, you may, provided you have paid off your previous VA Loan or no longer own the property the loan is based on. You also have the option of getting an additional loan for the same property, but on a one-time only basis and under the provision you paid the previous VA Loan in full and still own the property outright.

Are surviving spouses eligible for VA loans?

Yes, surviving spouses of deceased veterans who passed away on active duty or due to service-related causes can receive VA home loans. Our VA Loan company specializes in VA loans and can help spouses and family members with questions or concerns about their VA Loans.