Are You Eligible for A Veteran Home Loan?

Attention Veterans: Are you sure you are eligible for a Veteran Loan?


Mr. Veteran found me, "Your FHA/VA Lender" on the web and called for an appointment to discuss his situation. After review, Mr. Veteran had great income, but needed some "credit updates". So over the next 90 days with our guidance we raised Mr. Veteran's score from 579 to 627 an acceptable score for a No Money Down Veteran Home Loan. During our time of credit updating, we also gathered income, and Veteran- specific paperwork such as a  copy of his DD214. He even had an original Certificate of Eligibility issued in 2007.

Fast forward three weeks, contract ratified, appraisal done, and conditional underwriting approval, but the loan did not close because the Veteran was not eligible for a Veteran Home Loan. After two attempts to update the certificate of eligibility through the electronic system. We mailed the required forms to VA only to be mailed the bad news.

Dear Mr. Veteran,
After review of our records you are not eligible for a VA Loan due to lack of service time. Your records indicate twenty months we require 24 months with honorable discharge.

Veterans before start your home search make sure you are eligible for a Veteran Home Loan. Here is a form to submit for an updated Certificate of Eligibility. Need Help, get your questions answered  from a VA Loan Expert call Markita Woods (703)497-3936.
Mr. Veteran is still working with the Veterans administration trying to clear up the eligibility issues .According to the Veteran, he did serve more than twenty four months and recieved an honorable discharge. And just to add insult to injury he had also been issued two Certificates of Eligibility in the last ten years...

 A veteran buyer with an outdated Certificate of Eligibility is not eligible for a VA Loan, after all...go figure

Related Posts:
Top Ten VA Questions
 Military Mortgage Rebate

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

www.queenofmortgages.com

Let's stay connected:

Let's Connect!   LinkedIn  Twitter  My YouTube Channel...Tune in to Mortgage Queen TV  

Powered by Fairway Independent Mortgage, NMLS#2289, Equal Housing Lender

Comment balloon 6 commentsMarkita Woods NMLS#196099 • March 23 2011 11:44PM

Comments

I love helping veteran's, glad you do the same.  They deserve our best.

Posted by Nicole Monary, Nicole Knows San Diego Neighborhoods (Sellstate Next Gen Realty) over 7 years ago

Hi, Markita!

  There are a LOT of Veterans coming out of Iraq, Afghanistan, and now Libya.    Great people who should look into getting a VA Loan.    Good marketing on your part!

   BTW, I am Veteran - Staff Sergeant Griffin, United States Air Force, Vietnam Era.

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 7 years ago

Wow...just goes to show a home buyer needs to check and double check things before they write an offer. Great information in your post giving Veterans the link to update their Certificate of Eligibilty.

Posted by Peggy James, Woodbridge Virginia Area Real Estate Specialist (EXIT Realty Associates) over 7 years ago

Good morning, Markita. How disappointing for Mr. Veteran and for you, too. I hope he can get the issue cleared up. (And congrats on helping him get his credit score raised!)

Posted by Bill Burchard, Broker, Realtor, Representing Buyers and Sellers (3B Realty: 951-347-3818, CA) over 7 years ago

Wow!  It is good to check in with a VA expert (such as yourself) to help figure out the eligibility requirements!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Hi Markita, this is a great post, it should have been suggested as a feature, I am doing so now, hope others will find it and do the same.

Posted by Lorinda Ward, Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach (Keffer Realty) over 7 years ago

Participate