By Kelly Bennett Seiler
VA loans provide a way for many active duty military personnel and qualified veterans to purchase a home without having to put any money down. Eligible veterans can apply for a VA loan through any mortgage lender that participates in the VA home loan program. VA loans can be used to buy a new home, refinance an existing home or make energy-efficient improvements to a veteran's current residence.Determine whether you are eligible for a VA loan. You can find this information by visiting the U.S. Department of Veterans Affairs website (see References).
Decide what you plan to do with your VA loan. Do you want to buy a house? Are you looking into refinancing your current home? Do you have plans to renovate your house to make it more energy efficient?
Complete a VA form 26-1880, request for Certificate of Eligibility, and provide, along with it, proof of military service. Submit this documentation to the Winston-Salem Eligibility Center. Again, the information on how to do this and where to send it is available on the U.S. Department of Veterans Affairs website.
Locate a VA-approved lender and present them with your Certificate of Eligibility. If you do not have one yet, the lender can obtain one on your behalf.
The lender will develop all income and credit information and request that the VA have a licensed appraiser determine the value of the property. The lender will then inform you if you have been approved for the loan.
It is possible to obtain a VA loan to make energy-efficient improvements to your current home. Veterans are allowed to borrow up to $6,000 without providing an assessment of their house's value. If the renovations cost less than $3,000, you are only required to provide receipts for the cost of the improvements. If you want to borrow more than $3,000, however, documentation is required to prove that the renovations will significantly reduce the home's energy bills.
Attend the closing of the loan. The loan terms and requirements, in addition to the payment schedule, will be explained to you (and your spouse). Once you sign all the necessary paperwork, the loan is yours.
A VA loan cannot be used as a gift. You must certify that you (or your spouse) plan to live in the home. A VA loan does not guarantee that the home is free of defects or that you are making a good investment.
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