| With a VA guaranty, the lender is
protected against loss up to the amount of the guaranty if the borrower
fails to repay the loan. VA loan guaranties are made to
service members, veterans, reservists, and unmarried surviving spouses to
purchase, construct, repair, or improve a dwelling that the veteran will
own and occupy as his or her home. This includes the purchase of a
townhouse or condominium unit in a project that has been approved by
VA. Loans may also be made to refinance an existing loan on a home
that the veteran owns and occupies. Except for manufactured
(mobile) homes, a down payment is generally not required if the purchase
price is less than the reasonable value of the property.
Eligibility
- Eligibility for a VA-guaranteed loan varies
according to the length of time on active duty after September 16,
1940.
- You must be a satisfactory credit risk and have
enough income to support yourself and your family after you make the
mortgage payments, pay the costs of home ownership, and pay other
obligations, and agree to live in the property.
To get a certificate of eligibility for a home loan,
complete VA Form 26-1880. Request for a Certificate of
Eligibility for VA Home Loan Benefits, and mail it, with a copy
of your latest discharge or separation papers, to the VA Eligibility
Center nearest to you. If you are still on active duty, you will
need to provide a Statement of Service. (See instructions on the reverse
side of VA Form 26-1880.)
VA Loan Eligibility Center
P.O. Box 20729
Winston-Salem, NC 27120
If you were separated from active duty after January
1, 1950, you must submit a copy of your DD Form 214, Certificate
of Release or Discharge from Active Duty.
For a $43,000 Grant. VA may
approve a grant of not more than 50 percent of the cost of building,
buying, or remodeling adapted homes or paying indebtedness on those
homes already acquired, up to a maximum of $43,000. To be eligible
for this grant, veterans must be entitled to compensation for a
permanent service-connected disability due to:
- loss or loss of use of both lower extremities, so
the veterans must use braces, crutches, canes, or a wheelchair to get around, or
- disability that includes: (a) blindness in both
eyes, having only light perception, plus (b) loss or loss of use of
one lower extremity, or
- loss or loss of use of one lower extremity together
with: (a) an effect of organic disease or injury, or (b) the loss or
loss of use of one upper extremity which so affects the functions of
balance or walking so the veterans must use canes, crutches, or a
wheelchair to get around.
For an $8,250 Grant. VA may approve a
grant up to a maximum of $8,250 for necessary adaptations to a veteran's
residence that already has been adapted with special features for the
veteran's disability. To be eligible for these grants, veterans
must be entitle to compensation for a permanent service-connected
disability due to: (1) blindness in both eyes with 5/200 visual
acuity or less, or (2) loss or loss of use of both hands.
Related Home Benefits Topics
- Guaranty amount
- Occupancy requirement
- Closing costs
- Financing, interest rates, and terms
- Release from liability
- Direct home loans for Native Americans (on trust
land)
- Acquired (repossessed) houses
- Safeguards for veterans
For more information about the related home benefits
topics or the Loan Guaranty Program please call our toll-free number, 1-800-827-1000,
or visit our website at www.homeloans.va.gov. |
