PART I THE DEPARTMENT OF VETERANS AFFAIRS (VA) GUARANTEED HOME LOAN PROGRAM "Know the Program." -Joseph W. Gaul
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1 PART I THE DEPARTMENT OF VETERANS AFFAIRS (VA) GUARANTEED HOME LOAN PROGRAM "Know the Program." -Joseph W. Gaul Chapter I-1 Background The Veterans Administration (VA) loan history goes back to the World War II era, when the VA was founded. At that time, "the VA mainly provided medical benefits, hospital treatments, rehabilitation facilities, and insurance for service members." i However, supporters believed that "the Government should provide the means whereby the veteran could obtain favorable credit which would permit him/her to shelter his/her family and place VA programs are intended to benefit men and woman because of their service to the country. the veteran on a par with his or her nonveteran counterpart." ii Therefore, in 1944, the VA set an objective to assist eligible veterans to become
2 homeowners. The first legal framework was set forth in Title III of the Servicemen's Readjustment Act of iii Since then new legislation widened the scope of the foundation act to the benefit of veterans. "The Veterans Housing Act of 1970 removed all termination dates for applying for VA-guaranteed housing loans... The Veterans Housing Benefits Improvement Act of 1978 expanded and increased benefits for millions of American veterans. The Veterans Home Loan Program Amendments of 1992 expanded the program to include Reservists and National Guard." iv Since 1944, the VA loan program has helped more than 18 million service members achieve the dream of homeownership. VA loans continue to make homeownership possible for thousands of veterans who might otherwise struggle to secure financing. Still, it is considered an unused benefit. Look at some startling facts: Fewer than 13 percent of the country's 25 million veterans have utilized their VA loan benefits.
3 Many service members do not think they qualify for a VA loan nor are sure how to get one. 20 percent of veterans didn't even know about the VA home loan benefit." v
4 Chapter I-2 Your VA-Backed Home Loan: A Step-by-Step Guide First, you need to know the VA does not make direct loans. Instead, they guarantee loans made by ordinary mortgage lenders after veterans make their own arrangements for the loans through normal financial channels. The VA then appraises the property in question and, if satisfied with the risk, guarantees the mortgage holder against loss of principal if the buyer defaults. vi Unlike the 3-way contract of the Section 8 program, the VA guaranteed loan program involves only two parties the veteran and the lender. As the veteran, you have the responsibility of establishing eligibility, applying for a Certificate of Eligibility, providing proof of service, and finding a VA-approved lender who is willing to work with the VA. Veterans may use the VAbacked home loan for a single family home, condominium unit, or a manufactured home.
5 Step1: Establishing Eligibility Complete VA Form (Attached) You can get access to a fillable form by going to are.pdf. Be sure to complete the form as thoroughly as possible as this will help expedite processing. Attach all required documentation to the form and mail to: Atlanta Regional Loan Center Attn: COE P.O. Box Decatur, GA 30031
6 Step2: Certificate of Eligibility Once your VA Form has been approved, you will get a Certificate of Eligibility (COE). "Eligibility means the veteran meets the basic criteria of appropriate length and character of service to utilize the home loan benefit. An eligible veteran must still meet credit and income standards in order to qualify for a VA guaranteed loan. vii And, before processing and closing on a loan for an applicant, the lender must ensure the applicant is an eligible veteran." viii As part of the VA Loan process, prospective borrowers will have to prove they are eligible to participate in the program. The only true way to do that is through the Certificate of Eligibility (COE), a formal document that explains what VA entitlement, if any, you possess. Step 3: Proof of Service For discharged veterans, the VA will accept legible copies of the DD Form A Certificate of Eligibility is the only reliable Proof of Eligibility for the lender.
7 214. This form will generally contain all the information needed for VA to make an eligibility determination for persons who served in a regular component of the Armed Forces. ix Proof of service for veterans on active duty is a statement of service signed by, or by the direction of, the adjutant, personnel office, or commander of the unit or higher headquarters. Although, there is no one unique form the statement of service must clearly show: the veteran s full name the social security number or the last 4 digits the entry date on active duty the duration of lost time, if any name of the command providing the information. x Step 4: Find a Lender A lender is any "person or entity that originates, holds, services, funds, buys, sells, or otherwise transfers a loan guaranteed by VA." xi A VA-approved lender is a "supervised" lender that is
8 subject to mandatory periodic examination. Examples of supervised lenders include: federal savings banks national banks farm credit system institutions state banks insurance companies credit unions private banks. Not all lenders listed here are willing to work with the VA since the application process is long and arduous. It is a good idea to conduct due diligence in searching for an approved vendor. When doing Internet research, always look for "approved VA lender" on the web page or call and ask.
9 Chapter I-3 Your VA-Backed Home Purchase: A Step-by-Step Guide Step 1: Know the VA guidelines for eligibility A veteran is eligible for VA home loan benefits if he or she served on activity duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard and was honorably discharged. The A veteran s eligibility for home loan benefits may only be determined by the Department of Veterans Affairs. VA will help you determine eligibility based on time served and the type of service performed. xii Step 2: Obtain a Certificate of Eligibility (COE) You can get your COE either online or through your local VA office. This is an important step. You cannot move forward without your COE. Step 3: Shop around for a home loan Make sure the lender is able to provide VA guaranteed home loans. An authorized VA home loan lender will ask you for your COE. Remember,
10 lenders are competing for your business. They will offer different rates and terms, choose the lender that offers the best deal for your situation. Step 4: Go through the prequalification process Like all types of mortgages, you will need to be qualified to obtain a VA home loan. The prequalification process requires you to provide your employment, income, and credit history to a prospective lender. Once you have been prequalified, you can start shopping for a home. Step 5: Shop for your home When shopping for a home, make sure you are working with a reliable real estate agent. You need to have your prospective home appraised and inspected before closing on the home. Outside the COE and proof of service, the process of obtaining a VA home loan is the same as any other type of home loan.
11 Step 6: Try to get 100% financing A veteran that has obtained a prequalification letter stating how much of a mortgage the lender is willing to finance can then purchase a home with 100% financing, provided the property appraises for that amount. This buying power is priceless when you a have limited cash outlay. Chapter I-4 Renting Your VA-Backed Property Remember the VA provides benefits to US military veterans. One such benefit is the VA guaranteed home loan. This benefit is not intended as an investment wealth vehicle. "A basic Contact your local VA office before renting your VA property. requirement of the law governing the VA home loan program is that the veteran has a bona fide intention of occupying his or her property as a home." xiii You cannot use a VA-backed loan to purchase a second or third home. Your VA-backed mortgage can only be used for the purchase of one home and one home
12 only. Furthermore, unlike Section 8, you cannot rent out your VA property until you have personally lived in it for a minimum of two years. However, after this two-year period you may be free to rent out your home. With the proceeds you make from your initial investment you can then purchase rental properties using conventional methods. You should be aware that renting out a VA home is not as easy as you might think since you "certified" that you will use the home as your primary residence. "You should contact the VA Regional Loan Center with jurisdiction over the loan for advice regarding any case in which there may be a question regarding the legality of entitlement use." xiv
13 Chapter I-5 Know Your Risks VA cannot guarantee that the house you buy is free of defects. VA cannot compel a homebuilder to correct construction defects. VA cannot guarantee that you are making a good investment. VA cannot guarantee that you can resell the house at the price you paid. VA does not have the authority to provide you with legal services.
14 Chapter I-6 Success Story David David is a retired United States Army Captain. He served for over 20 years and was honorably discharged after his 2005 tour in Operation Iraqi Freedom. When he decided to get married, he applied for and got a VA home mortgage. He purchased a lovely townhouse in a suburban area with ample yard space, front and back, for his two rambunctious dogs. David is happy in his home but after several years, he wants to upgrade to a single-family home not far from his current location. For now, he is content with the home and grateful he was able to obtain a VA-backed home mortgage.
15 YOUR VA LOAN CHECKLIST 1. Get knowledgeable about VA home loans. 2. Establish your eligibility. 3. Get your Certificate of Eligibility (COE). 4. Have your proof of service ready. 5. Shop for a mortgage lender. 6. Get prequalified for a mortgage. 7. Shop for a home. 8. Try to get 100% financing. 9. Ask before you rent. 10. Stay the course. 11. Know your risks.
16 ihttp:// ii iii iv v vi vii f viii Ibid. ix Ibid. x Ibid xi xii Ibid. xiii Ibid.
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