Carol asks…

I have a va home loan certificate for the amount of 30,000. Does the certificate serve as a down payment?

I am looking to purchase a home, and i am unclear about the certificate i recieved from the Veterans office. Is the certificate for a down payment. How do i go about using the certificate. And what is the max on a VA home loan

Admin answers:

Go to the Veterans Affairs website and enter your information it will give you the maximum loan amount. You normally do not need a down payment with a VA home loan. Are you currently working with a VA Rep on this and if so what have they told you about your situation? What does the VA certificate say exactly? Sounds like from what you have said – that VA Certificate would be your eligibility certificate. So when you are ready you bring that with you to the Bank or Mortgage Co. To get started with buying a home. A word of warning – VA can be very picky when they send in their experts to inspect the home you are bidding for. Expect that the older the home is – the longer the entire process is and it can be a big pain for both buyer and seller. Meaning if their inspectors (electrical, plumbing, etc.) see any possible needed repairs expect VA to demand those repairs be fixed before the deal goes through! Good luck!

Paul asks…

How do I find out if the VA Home Loan Certificate that I received in 1997 is still valid?

I applied and was approved for a VA Home Loan Certificate in 1997. I never used it and need to find out if it is still valid. I am still on Active Duty orders.
So basicly just request a new one then?

Admin answers:

Its usually only good for a few months but now any veteran can go get one the same day our request one by mail. Then just find a lender that will take it. If you are getting ready to apply for a mortgage, let us know, and we can refer you to VA lenders who will get your COE for free of charge. Too easy…

Donald asks…

what is the best way to use my VA home loan certificate?

My husband is a veteran of the US ARMY. He is just ended his caree with the armed forces after 10 yrs so that we can have a family. We have a question about our VA home loan certificate. Does anyone in the realestate market know the best way to use this certificate. It is for what I believe $36.000 “not to exceed 144.000” what does that mean? I dont understand how it works really. we really never accpected that we would need to use this certificate. any suggestions would greatly be apreciated.
we thank you.. Mr&Mrs. Kyle P. Walker

Admin answers:

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum VA loan but lenders will generally limit VA loans to $417,000. This is because lenders sell VA loans in the secondary market, which currently places a $417,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no downpayment financing. A veteran’s basic entitlement is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran’s available entitlement without a downpayment, provided the veteran is income and credit qualified and the property appraises for the asking price.

Nancy asks…

How can I use my VA home loan Certificate with bad credit and my wife has good credit?

We found a great deal on a great dream home. My wife has been pre-approved for a 150k home. The home we are attempting to buy has been countered at 165k We are prepared to put down 6k. That leaves a 9k gap.I am a veteran and would like to use my VA garantee on the loan if possible to either cover this gap or get 100% financing.

Admin answers:

Sometimes it makes sense to spend a little time up front getting your credit straightened out and then getting a nice easy loan. People don’t always want to hear that becasue they go shopping before they’re ready. We can refer you to profession credit repair specialists who can help you have a squeaky clean credit report in 90 days or so. Then we can refer you to one of our preferred lenders who will be able to get you the best terms available in the marketplace.

Sandra asks…

does any one know if u need perfect credit for a va certificate home loan?

Admin answers:

Perfect- No, Solid Yes. See the above answer. It pays to get your credit in order prior to getting a VA loan