How to Receive Veteran Mortgage Loans

The general rule of qualification for Veteran mortgage loans is that it is for soldiers who have served in any conflict involving U.S. involvement, domestically and abroad. Oftentimes, the offer extends to the family members of servicemen and women as well. Veteran mortgage loans help military personnel finance their homes upon returning to civilian life post-conflict or stationed term. It is one of many benefits offered to those who have dedicated their lives to protecting the United States within and outside its borders.

Apart from having served time in the military, Veteran mortgage loans require a number of other factors in order to receive the loans. This includes: a Social Security number, residence addresses for the past two years, names and addresses of employers for the past two years, and a list of assets. In addition, a financial record must be submitted containing information on the recipient’s current gross monthly salary, checking and savings accounts, other loans, real estate, estimated value of furniture and personal property, and W2 forms for the past two years. Self-employed Veterans may need to provide tax returns for the past two years with a current income statement and balance sheet for the business. Finally, a credit report and appraisal of any property must be obtained at the Veteran’s own cost.

A lack of any of this information may not necessarily disqualify a Veteran from receiving Veteran mortgage loans. As former servicemen and women, there are many lengths they can pursue in order to obtain the financial support they need in financing their homes. The U.S. Department of Veterans Affairs holds a vast amount of nationwide resources to assist Veterans in all locations in completing their loan deals. Through a mandate, Veterans Affairs will guarantee a maximum of 25 percent of home loans up to just over $100,000 with a maximum loan amount of $417,000. In addition, Veterans Affairs will guarantee loans made by private lenders, such as banks and mortgage companies, to help protect any losses the owner may come up against in the future.

Veteran mortgage loans are a great way for Veterans to receive the financial support they need in order to live comfortably in homes for their new civilian life. Veterans may also want to look into types of army insurance and military home loans.

Learn more about the Loan Guaranty Home Loan Program and the Navy Federal Credit Union.

Abby Bramski is married to a Veteran and has recently received a Veteran mortgage loan.

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9 Comments to “How to Receive Veteran Mortgage Loans”

  1. FRANK L FERGUSON says:

    WE LIVE IN ARIZONA AND WE’RE, OF COURSE, UPSIDE DOWN. CAN THIS PROGRAM STILL HELP US. I’M A DISABLED VIETNAM VET (1965,1966,1968) 100% PERM AND FINAL AND COULD USE SOME HELP.

  2. can i get qualify for a VA? I mean the the actual loan itself. I am a disabled Veteran from the VN era. I am more than fifty Percent disabled by the VA but I am 100 Percent disabled by SS. would I be able to qualify for a VA loan from VA. I need the help now. Thanks for your time.

  3. Mark Gordon says:

    For all the ones asking whether they qualify, you need to contact a lender that does VA loans. They would be able to tell you if you qualify. You need to have your DD214′s (the lender could get those as well, they have access to a database that can do a verification of service).

    I am 30 percent disabled, with an additional 10 percent from VA. The process I went through was with the lender. VA had nothing, really, to do with it. Just call a lender up and ask them if they do VA loans. Be careful though…some of these lenders are pushing ARM’s (Adjustable Rate Mortgages). If you want to do it, that’s OK by you, but I would never do an adjustable rate loan. Always tell them you want a 30 year fixed rate.

    Then see what you come up with. I’ve refinanced my original VA mortgage loan twice now, using VA loans.

    Good luck. Oh, and I don’t work for the VA, so I probably wouldn’t be much more help on this, other than to say, go talk to a lender and ask them if they do VA loans.

  4. fsouthern style says:

    then why posting this?

    • Mark Gordon says:

      @Fsouthern style: Who are you asking? Me? I’m posting because that is what someone needs to do to find out if they qualify for a loan. Why your post? If you got nothing out of my post, that’s OK, but hopefully others will who may not know they need to speak to a lender. That’s my motivation.

  5. brenda hayes says:

    FYI: If you are 100% disabled; the funding fee which the VA has considerably raised over the years, 2 l/2%?, will be “forgiven”. Better than paying IT upfront or having it put in the loan.

    Shop/negotiate with any lender. A lot of agents of lenders don’t know this.

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  7. Liz says:

    I find it more interesting to get a VA loans than the other loan services today. I wonder if they will also accept VA loans for bad credit individuals like me. I really hope so, gonna try this up as soon as possible.

  8. warren says:

    Liz. check out va-mortgage.org

    great info and you will find what you need