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A primer in how VA home loan program works
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Veterans, this week let’s discuss home loans.
• Buy or build a home. • Buy a residential condominium unit. • Buy a residential cooperative housing unit. • Repair, alter or improve a residence owned by the veteran and occupied as a home. • Refinance an existing home loan. • Buy a manufactured home and/or lot. • Install a solar heating or cooling system or other energy- efficient improvements. In addition to the periods of eligibility and conditions of service requirements, applicants must have a good credit rating, sufficient income, a valid Certificate of Eligibility and agree to live in the property in order to be approved by a lender for a VA home loan. A Certificate of Eligibility can be obtained either directly from the VA Eligibility Center (in hard-copy form), or electronically, either through your lender, or by applying online at VA’s Certificate of Eligibility: http://www.benefits.va.gov/homeloans/docs/Veteran_registration_coe.pdf. In applying for a hard-copy COE from the VA Eligibility Center, it is typically necessary that the eligible veteran present a copy of his/her discharge, DD Form 214 or other adequate substitute evidence to VA. An eligible active duty servicemember should obtain and submit to the VA Eligibility Center a statement of service signed by an appropriate military official. Your second option is through the Oregon Department of Veterans Affairs. This is money provided by the State of Oregon to assist Oregonians in purchasing homes in Oregon. Their interest rate is generally lower than the Federal VA home loan program and the following restrictions apply: • The home being purchased must be in Oregon. • The home must be the veteran’s primary residence. ODVA is prohibited from financing vacation homes, investment, commercial, personal properties or bare land. Course-of-construction loans are not available. ODVA may only loan on completed dwellings. To obtain further information on ORVET Home Loans call 1-888-673-8387. The above are simplified guidelines; call me for additional information or to set up an appointment at 541-962-8802. I am located at the Center for Human Development, 2301 Cove Ave., La Grande.
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