subject: Benefits From A Va Home Loan Tulsa Ok [print this page] Many people have the misconception that you have to be retired from the military to qualify for a VA loan. You can benefit from a VA home loan Tulsa OK if you live in Oklahoma. This applies to other states as well.
There are specific guidelines to determine if you qualify for a VA loan:
If you are a Veteran having served 90 days during wartime or 181 continuous days during peacetime and honorably discharged you may qualify.
If you are currently serving or you have served in the National Guard and reservists for at least six years, you may qualify for a VA loan.
If you are a member of the armed forces on regular duty, and not active duty for training purposes, you may qualify after 181 days of service. This does not include if they are separated from a previous qualifying period of active duty.
If you are the spouse of a veteran who died in while serving or from disabilities related to service and you have not remarried, you may qualify. This includes spouses of service members MIA or prisoners of war.
If you are a surviving spouse, you may be covered under certain rules: A surviving spouse who remarried on or after the age of 57, and on or after December 16, 2003. This must be investigated and is not guaranteed.
Unfortunately, children of living or deceased veteran are not eligible for the home loan benefit.
Added Bonuses of a VA Home Loan
Veterans Administration or (VA) Loans are one of the few 100% loan programs still available today and there are several advantages to securing a VA loan.
You can finance 100% of the selling price and VA funding fee. This means that the amount of the loan may exceed the 100% Loan-to-Value of the purchase price. In addition, up to 4% of your closing costs may be paid by the seller. This makes it possible to purchase a home with 0 down.
Other advantages to getting a VA loan include no mortgage insurance requirements. Instead, you must pay a VA funding fee that you can include in your loan, making your home purchase no money down.
With VA loans, you can take out extra money to go green, with your new home purchase. Adding eco-friendly additions can save you money while being environmentally conscious.
How to Apply for a VA Guaranteed Loan
Any lender that participates in the VA loan program can qualify you. You will need to get a Certificate of Eligibility from the VA to prove that you are eligible. You can apply for a Certificate of Eligibility by contacting your lender or through the VA.
Your lender may have access to the Web LGY system, which is an internet-based application and they can get an online Certificate of Eligibility in minutes.
If you are still serving on regular active duty, you must include an original signed statement of service. This must include your social security number, your date of entry, and your current active duty period as well as any time lost.
Are you ready to take advantage of the benefits of a VA home loan Tulsa OK? Contact your lender today and start packing so youll be ready to move into your new home.
by: Pam Bertrand
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