Do I Qualify for VA Home Loan with Low Interest Rate?

Posted by Guest in Mortgage

The VA loan is a type of mortgage loan offered by the United States Department of Veterans Affairs (VA). It is reserved for active members and veterans of the United States military. For you to qualify, you  or your spouse must have served at least two years of active duty or must be enlisted at present. Included in the program is the entire scope of the US military—the Navy, Marine Corps, Air Force, Coast Guard and the Army.

If you have not actively served in the US military, there is no way you can be considered for a VA home loan. But as long as you have satisfied all the requirements, you are eligible to get this mortgage loan. Here are the steps of acquiring VA loan:

1. Make sure that you are qualified.
2. Apply for a Certificate of Eligibility (COE).
3. Submit your documents to the concerned agency.
4. Search for a lender that offers VA home loans and check the available options.
5. Check whether your lender uses ACE system. This system streamlines COE application process and lets applicants to easily find out if they are qualified or not for a VA home loan.
6. Once your pre-approval is in hand, go and search for the house that you want.