How to Get a VA Mortgage Loan
Are you a Minneapolis veteran considering purchasing a home for the first time? Do you think it’s impossible to buy a home during these difficult financial times? Are you having difficulty keeping up with your mortgage payments and wondering about refinancing options? Let’s take a look at both the VA mortgage loan and the VA home loan refinance and see what is involved with each.
Note: If you are doing exploration on the Internet to get information about a VA mortgage loan or refinance for your Minneapolis home, be very careful. There are a number of Web sites that are specifically designed to look like official government Web sites, and they tend to pop up first in search engines. So make sure you first get your information from the official government Web site (homeloans.va.gov) and not these phony sites that are just out to rip you off. The information on the government’s site is very important for both those who want a loan or are considering a refinance. There are lists of all the necessary documents you will need to apply to either one.
VA mortgage loan: You can apply for a VA mortgage loan through any mortgage lender that participates in the VA home loan program. To do this, you will need to get a Certificate of Eligibility from the VA. Although you can get a Certificate of Eligibility by filling out the proper form and submitting proof of military service documents, you can also get one through your lender electronically, which is much faster. Just be prepared to take your proof of service documents with you when you visit your lender. The Certificate of Eligibility form is called the ACE (Automated Certificate of Eligibility). The government Web site describes the documents you need to apply either way. Unless your case has special complications, the application process is not as difficult as you may think.
VA home loan refinance: Similarly, the VA government site has pages that not only give a wealth of information on refinancing, but also about programs available for different kinds of refinancing needs For example, there are specific programs for those who are struggling to make their mortgage payments (“financial distress”), and then there are other opportunities for those who simply want to take advantage of the new lower interest rates.
If you don’t have your own computer, you can always use the free computers at your local public library. If time on a computer is money for you, the recommended government Web site is the first place you should go. The information there is reliable, and the site is easy to navigate.
There truly are benefits out there to give you peace of mind in today’s turbulent world. And if you know any widows or children of deceased veterans, there are home lending opportunities for them, as well. So don’t hesitate to take advantage of your benefits, and let others know about them. They are there.
