VA Loans -
VA loans are designed to provide long-term home financing to qualified veterans and, in some cases, their surviving unmarried spouses. In many instances, their interest rates can be better than other conventional loans. VA loans offer a number of advantages over other types of mortgages, including:
- No penalty fee if you pay the loan off early
- No private mortgage insurance requirements
- Less than perfect credit can apply
- VA may be able to provide some assistance if mortgage payment problems arise
Certificate of Eligibility
In order to apply for a VA-sponsored loan, you will need to obtain a Certificate of Eligibility (COE). Your COE verifies to lenders that you meet the requirements necessary to obtain a VA-sponsored loan. Applying for a COE is straightforward and can be done online, through the mail or through a lender. Active duty military personnel and current National Guard members or Reservists who have never been Federal active service will need to present a current statement of service in order to obtain a COE. Veterans and current or former National Guard members and Reservists that have been activated for Federal active service will need to present a DD Form 214 confirming their past service.
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