VA Loans FAQs Answers to Veteran's Questions Concerning VA Loans When a person completes their military service, they may feel it is time to purchase a home. Most veterans know about VA home loans. But many have questions they want answered before beginning the process.asdasdasd Is a VA loan better than other types of home loans? VA loans are designed to give veterans an advantage. It enables them to buy a home without a down payment. A vet also can get an appraisal. It will provide iasdmportant information on the home's value and more. Their closing costs could also be limited. How does a veteran apply for a VA loan?dasd They need to contact a lender who makes VA loans. After choosing a lender, a veteran can begin the process by filling out an application. This can be done online, over the phone or a meeting at the lender's office. Vets also will need to proviasdde documents concerning their savings, credit and employment information.assdasdad What is a Certificate of Eligibility? When applying for a VA loan, a veteran must obtain a Certificate of Eligibility (COE). They can get one by applying with VA form 26-1880. A veteran will also be required to provide a copy of their DD-214. This is known as a Certificate of Release or Discharge from Active Duty. Can Reservists and National Guard Members get VA Loans? If a person has completed six or more years in the Reserves or National Guard and received an honorable discharge, they may qualify. If Reservists or National Guard members were discharged because of a service-connected disability, they could qualify with less than six years. If they were activated by the authority of Title 10 U.S. Code, and served 90 consecutive days, they also may qualify for a VA loan. ads What are the repayment options with a VA loan?assd VA loans provide veterans with a guaranteed thirty-year loassdn with options of repayment plans. They can choose a traditional fixed loan where they pay the principaassdl and interest.assd A Graduated Payment Mortgage (GPM) is alassdassdassdso an option. This
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