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VA Guaranteed Home Loans for Veterans
The main purpose of the VA home loan program is to help veterans finance the purchase of homes
with favorable loan terms and at a rate of interest which is competitive with the rate charged
on other type of mortgage loans. For VA housing loan purposes, the term "veteran" includes
certain members of the Selected Reserve, active duty service personnel and certain categories
of spouses.
This pamphlet should help you to understand what VA can and cannot do for the home purchaser.
However, it is not a legal document and should not be interpreted as one Nothing should be
taken as a change of law or regulations. The pamphlet does not attempt to go into detail or
into unusual problems. Information about VA loans is given in a narrative format followed by
questions and answers in those areas of the greatest concern.
It is suggested that the pamphlet be read in its entirety. Please pay particular attention
to the information about:
- your responsibility to determine the condition of the property you purchase, and
- assumption of your VA loan and obtaining a release of liability.
Any questions you have which are not answered here should be referred to the Loan Guaranty
Division at the nearest VA regional office, or to your lender who will take them
up with VA if necessary. A list of VA offices may be found in the Help section.
6 STEPS IN ARRANGING A VETERAN'S GUARANTEED LOAN
- Find the property suitable for your needs.
- Go to a lender, and apply for the loan.
- Present your discharge or separation papers relating to latest period of service and/or a Certificate of Eligibility.
- Property is appraised by approved appraiser.
- Estimate of property's reasonable value is determined.
- If application is approved, you get the loan.
FREQUENTLY ASKED QUESTION # 16 [ -more VA Loan questions- ]
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Q: A One-Time Deal / What is the one-time exception for renewing VA eligibility?
A: A VA certificate of eligibility is renewable on a one-time basis. You qualify if the existing VA loan is paid in full, but you still own the property. Under the rules, you ordinarily must prove the property has been sold, but thanks to the one-time exception you may renew the VA certificate of eligibility. All you need to do is complete VA form 26-1880 and send it to the nearest VA Eligibility Center. Remember that getting released from liability for a VA loan or having a debt waived by the VA is not the same as paying off the loan. In that case you'll have to pay back the government's loss. Once that is done, the certificate of eligibility may be renewed.
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VALoans.com is a private company specializing in VA financing and is
not a government agency.
Remember, the VA does not make home loans. They insure the loans that we can assist you in getting.
Let us help you get a VA insured mortgage loan at the lowest possible rates.
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