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VA Home Loans for Veterans

SERVING THOSE WHO SERVE

A Veteran… whether active duty, discharged, retired or reserve… is someone who at one point in his or her life, wrote a blank check made payable to “The United States of America,” for an amount up to, and including his or her life.  Please honor him or her accordingly.

 

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WHY A VA HOME LOAN?

Zero down.  No monthly mortgage insurance.  These are just two of the amazing benefits that qualifying military service members have earned by serving our country.  Loan terms like these are almost unheard of in today’s world of highly regulated mortgages.

At OneTrust, we are approved for automatic processing of VA loans.  As a result you loan can be processed and closed by us without waiting for VA’s approval of your credit application.

Additionally, OneTrust is approved under VA’s Lender Appraisal Processing Program (LAPP), and we underwrite the appraisal completed by a VA-assigned appraiser and close the loan on the basis of that review. OneTrust is proud to have taken the extra steps to support those who serve by becoming LAPP approved.  The LAPP process can further speed the time to loan closing.

 

10 COMMON MYTHS ABOUT THE VA LOAN:

More than 29 million veterans and service personnel are eligible for VA financing, but many don’t even fully understand these benefits.  There are some common myths that even stop Veterans from taking advantage of this amazing loan.  Here are some of the myths (and benefits) associated with this loan:

MYTH #1:  A Veteran can only use their VA loan benefits once.  Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Myth #2Surviving spouses don’t qualify for VA mortgages. The VA offers a variety of benefits and services to spouses of service members who are deceased of permanently disabled including home loans.

Myth #3 – Military members deployed overseas can’t get a VA-guaranteed loan. The VA loan program is focused on helping veterans and service members purchase homes they will live in year round as their primary residence. These aren’t for buying vacation homes, investment properties or other income-producing ventures. As part of that focus, the VA typically wants you living in the home full-time within 60 days of closing.That can obviously prove challenging for some service members, especially those on deployment. There are exceptions to the occupancy requirement, the most common being that a spouse can fulfill it on your behalf.

Myth #4 – VA loans cost the seller more than other loans. It’s true that the VA limits that closing costs that can be paid by a Veteran. Some lenders require that the seller pay the “non-allowable” closing costs. At OneTrust we have options that will allow the Veteran to make competitive offers that don’t require the seller to pay extra costs.

Myth #5 – VA loans take forever to close. Some lenders have to work with the VA to get loans approved and closed. At OneTrust, we are approved for automatic processing of VA loans.  As a result you loan can be processed and closed by us without waiting for VA’s approval of your credit application… which means a VA loan closes in the same amount of time as any other loan at OneTrust.

Myth #6 – VA loans are overly picky about the property. While the VA use to be much pickier about the properties they would finance, changes in the last few years have made the VA requirements very similar to the requirements on FHA and Conventional loans.

Myth #7 – VA purchase loans are not for short-sale or foreclosed real estate. Much like other loan programs, the VA looks at the condition of the properties that they are willing to finance. However the VA requirements very similar to the requirements on FHA and Conventional loans.

Myth #8 – Veterans can only have one VA home loan at a time. The VA will allow for the financing of more than one property so long as the Veteran has sufficient eligibility. The formula is complex, but we are happy to help you determine whether you would qualify.

Myth #9 – VA doesn’t do Jumbo loans. The VA does allow for loans over the conventional loan limits (currently at $424,100 as of 2017) with a down payment. The amount of down payment required is 25% of the difference between the purchase price and $424,100.

Myth #10 – The Veteran has to have perfect credit to use the VA loan. The VA loan is actually one of the most lenient loan programs when it comes to past credit hiccups. We would be happy to discuss your scenario with you directly to determine whether you will qualify.

 

5 SIMPLE STEPS TO PURCHASING A HOME WITH A VA LOAN

  1. Make loan application with a VA approved lender such as OneTrust Home Loans. If you’d like to work with us, you can use our secure online link at  www.OneTrustBoise.com  or call Dean directly at 208.287.1717 and we’ll take care of the application for you with a quick phone interview.
  2. Obtain your Certificate of Eligibility directly from the VA… or let us help you! At OneTrust, we’ll help you with this process by providing you with the VA Form 26-1880 and submitting it to the VA with copies of your most recent DD214 (discharge or separation papers covering active military duty since September 16, 1940).  Your DD214 is required because it shows your active duty dates and type of discharge. We have the VA from 26-1880 ready and will help you complete it as part of your loan application.  Our goal is to take care of as much of the complicated VA paperwork as we can so the process easier on you.  We know this paperwork because we work with it regularly… you shouldn’t have to figure it all out on your own.
  3. Choose a Realtor who understands the VA minimum property requirements and is committed to serving the special needs of Veterans.  A good realtor will help you find a home, negotiate with the seller, write the contract, and manage the details required to close the transaction.
  4. Obtain an appraisal from a VA approved appraiser.  No worries, as a VA approved lender, we will do this on your behalf.
  5. Close the loan and move into your new home.