VA loans are just like every other loan in the sense there are 30 year, 20 year, 15 year, and 10 year loans. There are fixed rate VA loans and there are adjustable rate VA loans. VA loans are made by and held by the same banks and financial institutions that make and service every other type of loan. What makes the VA loan different from other loans is that the underwriting guidelines and guarantee to financial institutions comes from the federal government's Department of Veteran Affairs (VA).
Many veterans mistakenly believe that their VA benefit can only be used once but the truth is that as long as the veteran did not default on a previous loan, they are eligible to use their VA loan benefits for the remainder of their life and their spouse will be able to use the VA loan even after the death of veteran. There are many advantages to VA loans which make them the most popular loan for veterans of the armed services.
Maximum VA loan limits vary by county. In the central valley of California, counties such as Stanislaus, San Joaquin and Merced counties all have maximum loan amounts of $424,100.00. Higher priced counties such as San Francisco and Los Angeles county have maximum VA loan limits of $636,150. Higher priced states such as Alaska and Hawaii have conventional limits up to $721,050 in Honolulu County and $657,800 in Maui county.
In order to apply for a VA loan you must obtain a Certificate of Eligibility from the Veterans Administration (VA). To request a Certificate of Eligibility through mail or overnight delivery, the veteran must complete form VA form 26-1880 and submit it to the VA Eligibility Center along with acceptable proof of service as described on the instruction page of the form. Certificate's of Eligibility should be submitted to the Winston-Salem Eligibility Center in one of the following manners:
By Regular Mail:
P.O. Box 20729
Winston-Salem, NC 27120
For overnight delivery:
251 Main Street
Winston-Salem, NC 27155
You can contact the VA Eligibility Center Toll free at: 1-888-244-6711 or by email at: firstname.lastname@example.org.
Depending on volume, your Certificate of Eligibility will be completed within 1 – 2 weeks.
In addition to form VA form 26-1880, you must also submit proof of military service. If you were separated after October 1,1979, and you received DD Form 214, Certificate of Release or Discharge From Active Duty, 1 July edition, the VA must be furnished Copy 4 of the form. You may submit either original papers or legible copies. If you do not have a copy of your form DD-214 (Certificate of Release or Discharge From Active Duty), you can request a copy by completing the following directions:
1. Download, print and mail a copy of the VA form SF 180 to the National Personnel Record Center at the address below.
2. You can mail or fax your signed and dated request to the National Archives's National Personnel Record Center (NPRC). Most, but not all records, are stored at the NPRC. Be sure to use the address specified by eVetRecs or the instructions on the SF-180.
NPRC Mailing Address: NPRC Fax Number : (314) 801-9195
National Personnel Records Center
Military Personnel Records
9700 Page Avenue
St. Louis, MO 63132-5100
Once you have allowed sufficient time for us to receive and process your request (about 10 days), you may check the status of your request by e-mail through our NPRC Customer Service Center at email@example.com. Please provide the request number if you have one, the name, address and phone number of the requester, and the veteran's branch of service to aid them in finding your request in their system. You will receive a return e-mail from them with a projected completion date for your request. You may also telephone the NPRC Customer Service Line at: 314-801-0800.
Eligibility. VA loans are only available to active duty or honorably discharged service members and their spouses.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.