What You Need to Know About VA Loans with Cliffco Mortgage
If you’ve served in the military or are an active member, there’s a good chance you’ve taken a step towards the dream of home ownership. The US government has created a loan program for veterans, active service members, members of the National Guard and reserves and some military spouses. The loans are intended to allow veterans to get financing for home purchases in areas where such financing isn’t easily available. They are lent from private banks and mortgage companies. Cliffco Mortgage Bankers is proud to be able to offer them to qualified recipients. So we want to give you information on how VA loans work, and what you need to do to qualify for one.
Basic Qualifications and What the Loan May Be Used For
According to the US Department of Veteran Affairs, you have to have a sufficient income to buy a home as well as suitable credit. The home must also be used for your personal occupancy. The loans may be used to buy a home, condominium unit, or manufactured loan. You can build a home, simultaneously build and improve a home, or the loan can pay to improve the home’s energy efficiency.
How to Get a Certificate of Eligibility
The most important step in qualifying for a VA loan is to have a valid Certificate of Eligibility. In order to obtain the COE you must not have received a dishonorable discharge.
If you’re a veteran, who served prior to September of 1980, you must have served at least 90 days during wartime or 181 continuous days during peacetime, according to the time periods set out on the Department of Veterans Affairs website, which define the timeline of each war since World War II. After 1980, you must have served 24 continuous months or either the full 181 days during peacetime or 90 days if you served during war.
If you’re on active duty, for 90 continuous days or for National Guard or reserve members, 90 days of active service, you’re eligible for a COE. Reservists or National Guard members who’ve not received dishonorable discharges are eligible after six years of service.
Spouses of a veteran may be eligible if they are married to service member who died while in the service or from a service-connected disability and didn’t remarry. You’re also eligible if you’re the spouse of a POW or MIA service member. Surviving spouses of veterans who remarried before December 16, 2003 and some surviving spouses of veterans whose disability might not have been the cause of their death can also qualify.
Let Cliffco Assist You with Understanding VA Loans
Once you have a COE and you’re found to be eligible for a VA loan from Cliffco Mortgage Bankers, there is no requirement for a down payment, except for loans that exceed $417,000. In most cases there’s a low minimum credit score requirement. Fixed and adjustable interest rates are available and there are flexible repayment options. There are also purchase rate and term refinancing options available as well as cash-out refinancing options.
If you think you might qualify for a VA loan. Cliffco Mortgage Bankers can help. We’ll take you through what you need to know and answer any questions you may have about VA loans. For more information, contact us today by calling (516) 408-7300.