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VA Loan Tip #5 for Veterans
Eligibility for a VA Home Loan Guaranty
It's easy to use an online program called ACE--the Automated Certificate of Eligibility--to get started in the VA loan guaranty process. Unfortunately, the automated system won't work for everyone. Some people don't have enough information in the ACE database, and are required to fill out a VA Form 22-1880, a Request for Certificate of Eligibility. If this applies to you, simply fill out the form and mail it to your regional Eligibility Center along with supporting paperwork including a copy of the DD214 discharge paperwork. Don't send originals of the DD214, a photocopy will do. The certificate of eligibility process can be tricky for veterans who were separated from the military with a discharge other than honorable. In this case the VA must investigate the discharge to insure it was not classified as dishonorable. People who fall into this category should seek help from their local VA office, especially if you need to file an appeal to the results of your request of eligibility.
VA Loan Tips for Veterans
- Entitlement to a VA Home Loan
- Advantages to the VA Guaranteed Loan
- About VA Loans with Adjustable Rates
- Getting Pre-approved for your VA Loan
- Eligibility for a VA Home Loan Guaranty
- Your Discharge May Affect Your Chances
- I Lost My DD214
- For Those Who Already Have a VA Loan
- A One Time Deal
- VA Loan Partial Eligibility
- VA Loans and Rental Properties
- VA Loans and Your Debt Ratio
- Uses for Your VA Loan
- About the VA Funding Fee
- Co-signers on VA Loans
- The Veterans Benefits Act of 2004
- VA Home Loans and Fair Housing Laws
- VA Pre-approved but Can't Find a House
- VA Loan foreclosures
- Improving Credit to Enhance VA Loan Eligibility
- Help for VA Homebuyers
- VA Loans to Purchase Farms
- VA Loans for Properties Outside of the US
- VA Home Loans After a Borrower's Death
- Selling a VA Loan Property
- VA Mortgage Payments
FREQUENTLY ASKED QUESTION # 33 [ -more VA Loan questions- ]
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Q: "Farm Loan"? - Can I buy a farm with a VA loan?
A: A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live. There is no 'farming requirement' for this kind of purchase, but if the veteran does intend to operate a farm business as a major source of income for loan qualification purposes, it's required to show that the business can turn a profit. There are other options available to veterans who wish to operate a farm. The Farmers Home Administration does show preference to veterans, and can be used as a way to finance veteran-owned farm operations.
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VA Loan Rates
for 12/04/2008
30 year fixed
-----------------
0.000 points
5.500%
5.610% APR
15 year fixed
-----------------
0.000 points
6.500%
6.694% APR
Life Insurance for Military Members
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