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I have already obtained one VA loan. Can I get another one?

Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in...


How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records....


My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?”]In either case, although the veteran’s debt...


What is a VA Guaranteed Home Loan?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a...


How much is my entitlement?

Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the VA county loan limit for a single family home may be available. VA county loan limits, which can change yearly, are available at this link. The...


How do I get a Certificate of Eligibility?

Web LGY: It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY – only those...


How do I obtain a VA Home Loan?

Here are the steps: Select a home and discuss the purchase with your Realtor, sometimes called a buyer’s agent.  Sign a purchase contract conditioned on approval of your VA home loan. Select a lender, present them with your Certificate of Eligibility if available, and complete a loan application. The lender can also obtain a Certificate...


What are the benefits of a VA home loan?

There are many benefits of a VA Home loan: Equal opportunity. No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property). Buyer informed of reasonable value.Negotiable interest rate. Ability to finance the VA funding fee (plus reduced funding fees with a down payment of...


Is a guaranteed loan a gift?

No, it must be repaid, just as you must repay any money you borrow. If you fail to make the payments you agreed to make, you may lose your home through foreclosure.


What is a Rate Lock?

Mortgage rates can change daily, even hourly. If your interest rate is locked then your rate will not change between when you get your interest rate locked and closing, as long as you close within the specific time frame and there are no changes to the application.

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