Here’s How:

1. First you will need a COE (Certificate of Eligibility). If you don’t have one, you can complete VA Form 26-1880, (Request for a Certificate of Eligibility) and submit it to the VA Eligibility Center along with copies of your most recent discharge or separation papers reflecting an honorable discharge from active duty service after September 16, 1940. Most lenders can acquire your COE for you quicker through the VA ACE system.
2. Obtain a credit pre-approval/pre-qualification from a certified VA Lender.
3. Find the house you want and sign a purchase agreement.
4. Submit your contract, application and required documents to the lender.
5. You will close your loan with a specified title/escrow company or attorney.

Tips:

It’s best to have the lender order the appraisal right away as VA allows a specified time to the VA appraiser to complete the report. This time can be up to 14 days depending on the state. Of course, if you are building a new home, the appraisal does not need to be ordered until the home is 95% complete. If the appraisal is ordered sooner, the appraiser may charge an additional “trip charge” to go back out to complete the report. If the lender is a LAPP lender, or in other words, authorized by VA to issue the Notice of Value (NOV), the loan can be approved and closed without waiting for VA’s review of the credit application. This can save some processing time over non-LAPP lenders that have to wait for VA to issue the NOV.
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.
For more information or to inquire about a No Cost VA loan, submit a No Obligation Inquiry Here.

Here is VA’s guideline on EEM’s>>>

For EEM rates or more information, Inquire Here>>>

I’m not going to claim to be an expert on Military Loans, unless you’re referring to VA Loans. However, after doing some research. I can tell you that I can see where the allure for Military “Personal” loans might be evident. They make it extremely easy to get a loan…almost too easy.

Military Loans are mainly available to military service members and can be used for a variety of reasons:

• Cash or financial assistance
• Auto repairs
• Debt consolidation
• Travel or vacations
• PCS moves
• Emergencies
• Home repairs or improvements
• Education
• Moving expenses
• Uncovered medical or dental expenses
• Business expenses
• New computer
• Or for hundreds of other reasons that fit your needs.

The main overall purpose of a Military “personal” Loan is for quick cash. I would expect that the main target customer would be those service members and maybe even some veterans that may or may not have a home with equity and simply need a smaller loan quicker. That being the case, I have nothing bad to say about Military personal loans.

A VA refinance could be a very good alternative. However, the downside to doing a VA Refinance and pulling cash out is the funding fee (IF you do not have a service connected disability). The other possible downside is that you are limited to 90% of the value of your home which may lower the amount of cash you can pull out or eliminate the possibility all together. Obviously fees are a non-issue on a VA loan, of course, if you use freevaloan.com to find your VA lender for you.

Thousands of military personnel and veterans are taking advantage of the lower rates and using VA loans as the better alternative for pulling out more money. With the longer term, you’re not putting quite the strain on your wallet as a shorter term personal loan might have.

Either way you go, don’t jump into a quick loan without weighing out your options and comparing the pros and cons of each.

For a quick quote and to see if a VA loan is right for you, Inquire Here>>>

That’s not the secret I’m referring to though, even though many don’t know that is the case. What so many more don’t know, including lenders, is that veterans can have two VA loans at once. It’s called “2nd Tier Entitlement”. The main point to keep in mind if you are looking to qualify for a 2nd VA loan while all or a portion of your basic entitlement is being used, is this – Your 2nd VA loan MUST be more than $144,000.

You probably want to know how figure the maximum VA loan amount should you have a VA loan already, right?

Lenders that truly know how to calculate this number will give you a calculation that might make your head spin. At the very least it should have the same affect as a sleeping pill. It would probably look like this:

zzzzzzzz…….

I actually grabbed that calc from another post to show the example. Now, if I do a reverse calculation, I can find out what the actual original loan amount was on the current home:

$36,000 (basic entitlement) – $21,853 (the assumed remaining entitlement) = $14,147 (actual entitlement used) x 4 = $56,588 (the original VA loan amount on the current home)

You’re probably asking, why would you do that? What purpose would that serve?

Because there is a more TOP SECRET, secret to knowing how to calculate the maximum VA loan if you already have a VA loan…or even if you may have foreclosed on a VA loan and never restored the entitlement. It is absolutely amazing that even the smartest VA Loan Specialists that want to throw the mind-numbing guaranty/entitlement calculation at you, don’t even know this. In fact, even the smartest VA Specialists have used the same calculation above, and because of its complexity, have come back with an erroneous answer.

So imagine, you’re trying to buy a house and have gone almost all the way through the process. You’ve signed the purchase contract, put a huge earnest money deposit down, paid for an appraisal and the loan just went to underwriting. The whole time you’ve put your life in the hands of this seemingly too-smart-for-school VA “Specialist” and believed that s/he has calculated the maximum 2nd tier entitlement correctly. Then the bomb drops. The calculation was off. Now you have to bring an extra $5,600 to the table that you hadn’t budgeted for or simply don’t have.

That’s not a position I would expect any veterans want to be put into. In fact, pretty much all veterans and current military have higher standards than that and expectations that their VA Specialist delivers exactly what they promise with no surprises.

That’s why the more error-free (and Top Secret) solution should always be used….

I bet the curiosity level is pretty high right now. Unfortunately, I’m going to keep it Top Secret. However, if you are a veteran or currently on active duty and are wanting to have 2 VA loans at the same time, and you want to know what the Top Secret calculation is or just want to be sure you have a VA Specialist that knows how to use the calculation correctly to calculate (every time), the maximum 2nd Tier VA loan amount, I will point you in the right direction.

TOP SECRET 2ND TIER MAX LOAN AMOUNT CALCULATION HERE>>>

What Form Do I show the Lender I’m Eligible?

The first form you need is a Certificate of Eligibility before you can get a VA guaranteed loan.  Below are some instructions for you.

Among categories A, B, and C below, find the one that matches your situation.

Category A: Veterans, Active Duty, and Reservists/National Guard Members Who Have Served on Active Duty

You can get a Certificate of Eligibility in any of three ways:

1. Apply online. Go to the Veterans Information Portal (http://vip.vba.va.gov) and click on User Registration.  For more information, click on this link for user instructions for applying online.
2. Apply through the lender. In many cases, lenders can obtain a Certificate online in minutes through VA’s ACE system.  Check the table below entitled, “Evidence Needed for the Certificate of Eligibility.”
3. Apply by mail. Use VA Form 26-1880.  If you can’t print the form, just call 1-888-244-6711 and follow the prompts for Eligibility.  VA can mail it to you.

Evidence you’ll need when you apply (Category A)

Category B: Reservists/National Guard Members Who Have Never Served on Active Duty

You can get a Certificate of Eligibility in any of three ways:

1. Apply online. Go to the Veterans Information Portal (http://vip.vba.va.gov) and click on User Registration.  For more information, click on this link for user instructions for applying online.
2. Apply through the lender. Your lender can submit your application online for you.  Check the table below entitled, “Evidence Needed for the Certificate of Eligibility.”
3. Apply by mail. Use VA Form 26-1880. If you can’t print the form, just call 1-888-244-6711 and follow the prompts for Eligibility.  VA can mail it to you.

Evidence you’ll need when you apply (Category B)

Category C: Surviving Spouses of Veterans Who Died In Service or As a Result of Service

You must apply for the Certificate by mail.

If your veteran spouse died after service, VA must determine that the death was due to a service-connected disability.  Please allow 2-3 months for this process unless you know that the decision on service-connected death has already been made.

Apply using VA Form 26-1817.  If you can’t print the form, just call 1-888-244-6711 and follow the prompts for Eligibility.  VA can mail it to you.

Send the completed form to:

VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

You’re not alone…and it’s not the only choice you have.

What most veterans don’t realize, on July 30, 2008, the President signed the Housing and Economic Recovery Act of 2008 which allows for a “Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs.” As of 2010, this increase is still available, but no one knows for how long, which is the reason why I underline “Temporary”.

Basically, in short, veterans and current military personnel can get a zero down VA Loan over $417,000 in certain High Cost Counties around the United States. In fact, in some counties, you can actually get a zero down jumbo VA loan amount up to $1,094,625 and still with NO mortgage insurance!

Yet there are still so many veterans not taking advantage of this benefit they earned. Either they don’t know about it, they are working with a broker that doesn’t have much experience with VA loans (very common) or they are working with a broker that is not able to offer them (also very common).

With FHA’s mortgage insurance and Jumbo Conforming Private Mortgage Insurance “PMI”, if you are a veteran, VA Jumbo Loans should really be your only choice if you are looking to put less than 20% down.

Lastly, a common mistake made by veterans is to go with a broker they know, a realtor referral or simply, not do enough research. This could be a very costly mistake. Everyone knows that VA allows lenders to charge a 1% Origination fee. Of course, this can make a VA loan very pricey and often times deter the veteran from using their VA eligibility and taking advantage of the many benefits a VA Loan offers.

<<CONNECT WITH A JUMBO VA LOAN LENDER NOW>>

Mortgage Companies (So called Mortgage Bankers) also can have several investors to shop your VA rate for you as well, but the difference is they are the initial lender. They make the decisions for the investor and the investor eventually buys the loan from them allowing them to pay back the money they borrowed from their warehouse lines.

Banks too can do this but one of the major differences is, unlike mortgage companies that have to borrow the money at sometimes ridiculous double digit rates, banks lend their own money. Imagine, as the owner of a mortgage company, you’ve borrowed $10 Million at 14% interest and $5 Million of it you lent out at 5.5% but due to mistakes made on the loans, you can’t sell that book of business off. How would you make up the loss? You would have to start charging more or offering higher rates. If a customer doesn’t do enough research, they are the ones that pay.

Although banks are some of the most secure institutions to get your VA loan from, you need to do your research on them as well. If they portfolio their loans, they too can get themselves in trouble as well. They could be sitting on foreclosed properties costing them Millions in revenue. Guess who will ultimately have to pay? You guessed it. YOU. Although you might get a great deal on a foreclosed home through a large bank, you might pay for it another way in a higher rate or fees.

In addition, pay attention to whether the lender is a L.A.P.P. lender or not. L.A.P.P. stands for Lender Appraisal Processing Program. What this means in short, is the lender has been given full right by VA to issue the N.O.V. (Notice of Value) rather than VA having to do it. Most don’t realize that this can cut at least a week from the processing time. So, knowing that the best rate can be attained from shorter period locks like 20 day or 30 day locks, if you are dealing with a Non-LAPP lender you will more than likely either have to pay money to extend the rate or you could lose the rate all together.

Pay very close attention to the lender that originates your loan for you and do your research. You could save yourself literally thousands in closing costs and higher rates.

VA home loan useful, but watch for snags

For eligible service members and veterans, the Veterans Affairs Department’s home loan guarantee program can be a curse or blessing in today’s housing market. Among the advantages:

• It is among the few mortgage programs now available that does not require a down payment.

• In most locations, lenders will allow purchases of a home worth up to $417,000 without a down payment — and more than $1 million in some high-cost areas.

• Credit underwriting is a little easier with VA loans than with other mortgages. A buyer’s credit scores don’t have to be as high, and loans are possible with as few as six months of work history — not the minimum two years required for most mortgages.

• An inspection of the home is required to ensure it is safe and livable, which provides extra protection for first-time buyers.

But there are disadvantages:

• Not all lenders are willing to work with VA loans.

• A percentage of the loan fee (funding fee), charged by VA to offset the risk of having no mortgage insurance, could be wrapped into the mortgage, ranging from 0 percent for veterans with a service connected disability to 3.3 percent for second time or more use. I corrected this from the original post.

• There are limits on what fees can be charged to the buyer at closing; some sellers don’t want to be part of a sale that could force them to pay more closing costs.  This becomes a non-factor when a veteran works with a VA lender that charges Zero fees.

• A strict home inspection and appraisal process often can make it impossible to buy a home “as is.” If the seller won’t agree to repairs, either done in advance of settlement or by putting money into an escrow account, a VA loan may not be approved. Of course, this should be in the advantage category really, as it is there to protect the veteran from purchasing a “lemon” or “money pit” home that could cost thousands. Conventional loans don’t have this kind of protection. I personally found out the hard way when I got a conventional loan to purchase my house and since have put in THOUSANDS of dollars in repairs that the inspector my realtor recommended didn’t catch. I’ll talk more about this in a separate post.

• Many sellers and their agents believe VA loans involve more red tape than other loans. Many sellers and agents don’t understand VA loans either. This is up to your lender to step in and help them understand the steps involved and relieve them of the mis-guided anxiety they may feel. VA loans should take no longer than a conventional loan if you have the right VA lender working for you.

• Generally, VA home loans are more likely to be accepted in housing markets where troops, veterans and military retirees are a sizable part of the market. This seems like a very one sided comment. It is true but I’m not sure where I see this as a disadvantage…. or an advantage. VA loans are accepted throughout the country, regardless of demographics. Just make sure if you are building a home, you are working with a reputable builder that is approved by VA. Again, I’ll talk more about this in a separate post.