One of the best mortgage products in the market today is actually a government-backed loan. The VA home loan provides its borrowers, specifically Veterans, will a number of great benefits.
While many Military Veterans may be eligible for a VA home loan, not every single one can qualify. Sad truth, but despite the flexible requirements VA loan has, There ar just those who can’t be approved of this financing due to their current financial standing and/or history.
Does this mean all hope is lost for those Veterans who are planning to purchase a home through an affordable mortgage? Not really.
Also a great government-back mortgage program, HUD’s FHA loan offers a myriad of benefits to Military Veterans. Like any other financing, a veteran must also meet the necessary qualification requirements.
What is a Certificate of Veteran Status?
It is one piece of document that may have you take advantage of much better terms and rates when applying for an FHA loan.
According to the Department of Veterans Affairs, “Section 203(b)(2) of the National Housing Act permits a veteran to obtain slightly better terms than a non-veteran when obtaining Federal Housing Administration (FHA) mortgage financing. Although this involves FHA loans, VA is charged with making the entitlement determination for benefits under this provision. VA will issue a VA Form 26-8261, Certificate of Veteran Status to any eligible veteran-applicant to use when obtaining an FHA loan.”
So if the Certificate of Eligibility is essential for a VA home loan application, the Certificate of Veteran Status is important in applying for an FHA loan if you’re a Veteran.
Obtaining a Certificate of Veteran Status
Any Military Veteran may request for a Certificate of Veteran Status but submitting a duly accomplished request form and mailing it to Atlanta Regional Loan Center ATTN: COE (262) P.O. Box 100034 Decatur, GA 30031.
A printable online form is available here.
You must meet specific requirements for you to get this certification:
|Served during wartime||Service length of at least 90 consecutive days|
|Served during peacetime||Service length of at least 180 consecutive days|
|May not have reached the required length of time BUT suffered a hardship or disability||May be eligible if the hardship or disability is connected to and ties into the service period.|
|Surviving spouse of a Veteran who died on active duty OR as a result of their service||May be eligible as long as the surviving spouse has not remarried.|
|Orphan of a Veteran who died on active duty OR as a result of their service||May be eligible|
Certainly, there are many benefits you can get with an FHA financing. A lender may them down for you so it would be easier for you to assess if it is the loan you need. Shopping for lenders is also very important. This way you can compare the rates and terms and find one offers you the greatest benefits.
Get connected with a lender today and find out how you can buy a house through an affordable FHA home loan. Get started today!