Avoid Foreclosure and Get Help with Your VA Home Loan

Are you struggling to make your monthly mortgage payments? If so, it's essential to know that there are resources available to help you avoid foreclosure. The US Department of Veterans Affairs (VA) offers several home loan programs designed specifically for veterans and their surviving spouses.

VA Home Loan Programs for Surviving Spouses

If you're a surviving spouse of a Veteran or the spouse of a Veteran who is missing in action or being held as a prisoner of war, you may be eligible for a VA home loan Certificate of Eligibility (COE). A COE shows your lender that you qualify for a VA direct or VA-backed home loan based on your service history and duty status.

Eligibility and How to Apply

To determine if you're eligible for a VA home loan, you'll need to check your entitlement. Entitlement is the amount of money the VA guarantees for your home loan. If you have no outstanding entitlement, there is no longer a loan limit imposed by the VA.

You can request a COE through the VA's website or by contacting your local VA office. Once you receive your COE, you can use it to apply for a VA direct or VA-backed home loan.

Types of VA Home Loans

The VA offers several types of home loans, including:

* Direct VA loans: These are guaranteed by the VA and offer competitive interest rates and no down payment requirements.

* VA-backed loans: These are offered by private lenders and also have competitive interest rates and no down payment requirements.

* Construction loans: These allow you to finance the construction of your new home.

Calculating Your Maximum VA Loan Amount

To calculate your maximum VA loan amount, you'll need to use the VA entitlement worksheet. This will help you determine how much you can borrow based on your entitlement and the purchase price of the home.

Additionally, if the home you're buying is more than your remaining entitlement allows, you can still use a VA loan by putting down 25% of the difference between the purchase price and maximum loan amount.

VA Home Loan Calculator

At 'Your Service', we offer an easy and fast application process for VA home loans. Our calculator will help you determine your maximum VA loan amount and tier 2 VA entitlement. We also provide information on the latest VA loan limit changes, including the elimination of county loan limits effective January 1, 2020.

Don't let financial struggles hold you back from achieving your dream of homeownership. Contact us today to learn more about our VA home loan programs and how we can help you avoid foreclosure.

Va home loan calculator