VA Loan Specialists
What is the best option for me?
When choosing a mortgage, you need to consider a wide range of personal factors and balance them with the economic realities of an ever-changing marketplace. That is why it is important to partner with the right mortgage broker in Braintree, MA that can understand your background. Individuals’ personal finances often experience periods of advance and decline, interest rates rise and fall, and the strength of the economy waxes and wanes. To put your loan selection into the context of these factors, consider the following questions:
- How large a mortgage payment can you afford today?
- Could you still afford an ARM if interest rates rise?
- How long do you intend to live on the property?
- In what direction are interest rates heading, and do you anticipate that trend to continue?
Frequently Asked Questions Regarding VA Loans
Provided By Dovetail Mortgage: Your VA Loan Specialists in Braintree, MA
Any mortgage lender that participates in the VA home loan program will allow you to apply for a VA loan. In order to prove to the lender that you are eligible, you will need to acquire a Certificate of Eligibility.
You can apply for a Certificate of Eligibility by filling out VA Form 26-1880.
Most lenders have access to the Web LGY system, which can establish eligibility and issue a Certificate of Eligibility in seconds. This isn’t possible for all cases, only those for which VA has available and sufficient data in their records.
Those who are on regular active duty must provide an original statement of service signed by their adulent, personnel officer, or commander of their unit. This will need to identify you and your social security number, as well as provide your date of entry on your current active duty period.
If you have been discharged from the Selected Reserves or National Guard, you must provide copies of documentation that accounts for at least 6 years of honorable service. If you have been discharged from the Army or Air Force, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting.
Standard Form 180, Request Pertaining to Military Records, is used to provide proof of military service regardless of active duty/discharge status. However, this request form is not processed by the VA, but rather the custodian of military service records.
Yes, you are able to get multiple VA loans depending on your circumstances. If you have paid off your previous VA loan and sold the property, you can reuse your eligibility for a new loan. Also, VA offers a one-time only ability to restore your eligibility if your previous VA loan has been paid in full but you still own the property. In order to restore eligibility, you will need to fill out VA Form 26-1880.
VA loans have restrictions in relation to your eligibility. For instance, if you have sold your home but have failed to pay off your VA loan in full, the portion of your eligibility that you have used cannot yet be restored. It is your responsibility to speak with your lender about next steps.
If you are unable to provide proper documentation, such as: NGB Form 22, Report of Separation and Record of Service, Standard Form 180, Request Pertaining to Military Records, or NGB Form 23, Retirement Points Accounting, you will not be eligible for a VA loan. Furthermore, if you have been dishonorably discharged, or if you are unable to provide evidence of at least 6 years of honorable service, you will not be eligible.