Capital Bank is a national lender with expertise in veteran mortgage – so you feel like you are speaking to your local expert.
For many Americans, homeownership is a lifelong dream. For Veterans who have served our country, fulfilling this dream is made easier through the VA loan program. By obtaining a Certificate of Eligibility (COE) and qualifying for a government-backed VA loan, active duty personnel and Veterans can obtain a low interest 15 or 30 year loan with no down payment.
In our society, attaining homeownership is not always easy. Though the housing market has had its ups and downs these last few years, homeownership remains the goal of most people, as a recent survey from Fanny Mae’s Economic and Strategic Research Group verifies. Ninety percent of respondents aspired to homeownership, but felt that it would be difficult to obtain a mortgage. VA loans have made this dream achievable for more than 20 million Veterans since the program first launched in 1944.
What are the specific qualifications you need to obtain a VA eligibility certificate? Most important is the service requirement:
Even if you were discharged from the service before your enlistment term was up, you might still be able to prove your VA eligibility. A certificate may be issued if:
Two other categories of people may be rewarded for their service to the country with a VA certificate of eligibility:
As a Veteran, you can request your Certificate of Eligibility online, but you may not hear back from the government for six weeks. Or, an approved lender, such as Capital Bank, N.A., is able to get this certificate on your behalf more quickly as part of our hassle-free loan process.
With your COE in hand, you need to establish your VA home loan eligibility online. Capital Bank, N.A. will help you get prequalified quickly, so you know how much house you can shop for. If you have had credit problems in the past, we can help prepare you to qualify or even help you obtain other types of loans with less stringent credit requirements. Our goal is to help you get the low interest, no down payment, government-backed loan you earned through your service.
Having a Certificate of Eligibility, when coupled with a proof of service DD 214, is necessary to obtain most VA loans, as well as other Veteran benefits. You can apply for a COE online, but the process sometimes takes months. Authorized VA lenders such as FortressVALoans.com can obtain your form quickly so long as the VA has sufficient records about your service. If there is a delay, having a lender in your corner to help you obtain documentation is an advantage.
Many former service personnel use their VA certificate of eligibility to simply buy a home, but there are four types of VA loan packages available:
You will need a new COE for the Purchase Loan and Cash Out Refinance or the NADL, but when you apply for an Interest Rate Reduction Refinance Loan, you will not need a new form. To apply for an Adapted Housing Grant, you must complete VA Form 26-4555.
When you buy a home using your VA Certificate of Eligibility, you can borrow up to $417,000 in most areas, although the limits are higher in certain U.S. counties where the cost of living is higher. There is no limit on the price of the home you buy, but your VA loan will guarantee up to the loan limit. The actual amount of your loan will depend on your credit worthiness. Being eligible for a VA loan does not mean you will qualify with all lenders.
If you are disabled, you can apply for one of two types of adapted housing grants. The Specially Adapted Housing (SAH) grant which pays up to $64,960 in fiscal year 2013 for construction or modification of a new or existing home the Veteran wishes to buy. For existing homes, there is also the Special Housing Adaptation (SHA) grant to adapt the Veteran’s current home, which pays up to a total of $12,992 for up to three modifications.
To apply for most VA loans, you need your Certificate of Eligibility. With that in hand, you can prequalify for your loan quickly online with FortressVALoans.com. At this point, your income, your credit history, and other variables come under review as we determine if you are a qualified applicant and how much you can borrow.
What happens if you do not qualify due to credit problems? If you have a recent bankruptcy, delinquent payments, garnishments, too much debt, or other blemishes on your credit, you may not qualify for a VA loan at this time. When you work with FortressVALoans.com, you work with Capital Bank N.A. we will continue to work with you while you have your credit repaired by a licensed credit repair company.
What type of credit problems could work against you in getting the loan?
Capital Bank, N.A. will work with you to determine the degree to which blips on your credit history may impact your ability to obtain and repay a VA loan. If you have reestablished good credit, you may still be eligible for a VA loan. Or, we may suggest that you wait and apply after taking some proactive steps to repair your credit. Even though you might be impatient to become a homeowner, showing a few months of on-time payments may put you in better shape to get the loan, and qualify for a more favorable interest rate.
FortressVALoans.com is on your side. We want to help you become a homeowner! To get started, complete our online application form to determine your eligibility or call us at (855) 383-5002 for more information or to get a thorough answer to any questions you may have.