The VA Home Loan for our Heroes
Millions of Veterans have already served our country over the years and there had been countless ways that the people have shown their gratitude to all the brave and selfless men and women in uniform. But there are still more that we can do to make them feel appreciated. There are non-profit organization who have done their share of helping out soldiers through livelihood and health care projects.While the rest of the population is doing their best to help these courageous soldiers, the government is showing gratitude by giving these veterans the VA home loan. This type of loan is exclusively for veterans and their dependents.

This program has been around since 1944 during the Second World War and was created as part of the GI bill of rights that would help all those veterans who came from the war to own a home. The program has allowed qualified veterans to own a home right away without saving up for a down payment. This type of loan is one of the most sought after by lenders since it is insured by the government against default.

Other features of the program that makes the other programs envious is, it does not impose pre-payment penalties and has lower closing costs than the usual home mortgage loans. Also, a veteran can apply for an interest-rate reduction giving them the opportunity to refinance their homes at a lower rate for a minimal fee and sometimes they don’t even have to pay for anything.

The VA loan is actually not issued by the government but the private lenders, the government insures loan. It is open to all active military personnel, veterans, and reservists, members of the National Guard and unmarried spouses of a serviceman who died while serving the military.

The veterans that qualify should have served a minimum of 90 days in wartime during the Second World War, Korean War, Vietnam War, and also the veterans who were in Afghanistan and Iraq. Other qualified veterans would be those who have served for at least 181 days in continuous military service during the peacetime.

The VA loan may not be enough to repay the pain, struggles and all the sacrifices that our fearless veterans have made, but this is just one of the things that would let them feel that they are special, taken care of and how they are honored for everything they did for the country.

Benefits of VA LOAN PROGRAM
NO down payment required
Lenient underwriting
NO private mortgage insurance
NO prepayment penalties
Low Interest Rates
Higher DTI Ratio
If streamlined refinancing – no additional underwriting required
Maximum loan amount of up to $417,000

Eligible Candidates for VA Loan:
Soldiers on active duty.
Veterans of wartime and must have served a minimum of 90 Days on active duty and must not have been dishonorably discharged.
In the event of service related disability, must have served at least 90 days on active duty but must not have been dishonorably discharged.

Table of Requirements:
Residence addresses for the past two years
Social Security numbers
Names and addresses of your employers over past two years
Credit card report
Your current gross monthly salary
Addresses and loan information of other real estate owned
Appraisal of the property
Certificate of Eligibility and DD 214 (for Veterans only)
W2 for the past two years and current check stubs
If self-employed provide personal tax returns for the past two years; income statement and balance sheet for the business

FLOW PROCESS
STEP 1: BENEFIT BRIEFING CALL
A telephone call is initiated to find out whether our client will be purchasing new property or refinancing an existing mortgage.
Completing the application process to confirm client’s eligibility for the loan would be faster with better cooperation and accurate information from the client.

STEP 2: LOAN SAVER DIRECT PACKAGE
A package that will contain the loan application and the list of requirements is sent to the client for review and completion.
The client fills out the forms, and signs all the disclosures.
The client gathers all the documents necessary for the loan.
The client mails, faxes, or emails the documents to our loan processing team.

STEP 3: QUALIFICATION
Loan Saver Direct Underwriters reviews the application and all the documents submitted.
The Loan Officer discusses with the client the benefits gained from refinancing. He also sets the right expectations by disclosing all the loan details and fees involved.
If the client is agreeable to the terms, then we will commence with the next step of the loan process.

STEP 4: OPENING ESCROW AND LOAN PROCESS
Loan Saver Direct opens escrow and processes the loan.
An appraisal is requested by the lender, and the client is responsible for paying the cost involved, ranging between $450 to $475.
Final loan documents are released, and the client signs the loan documents with a notary.

STEP 5: CLOSING
The client brings funds to escrow if necessary.
The final closing package from escrow with the new loan terms and closing statement is provided to the client.

How to get Proof of Eligibility:
Fill out VA Form 22-1880 ( request for eligibility)
Mail request to the Regional Eligibility Center including DD-214
Or you may log on to this website: www.ebenefits.va.gov to download the form and know other details.

How to get Proof of Eligibility:
Surviving Spouses
Spouse who has not remarried after veteran spouse died during service or from disability related to service.
Spouse of a service person that is a prisoner of war or has been classified as missing in action.
Selected Reserves or National Guard Members.
Applicants who have completed a total of 6 years in either selected Reserves or National Guards.
A member of an active unit and attended required drills and 2 week active duty for training.
Were honorably discharged.
Were consigned to the retired list.
Were transferred to the Standby Reserve or a constituent of the Ready Reserve excluding the Selected Reserve after service regarded as honorable.
Continue to serve in the Selected Reserves.
An individual who served less than 6 years of service as long as discharged due to disability related to service.