Va Home Loan Quaranty Cert Question

[Berta]

I have never applied for my VA Home Loan Guarantee Cert.

My husband used his twice and told me ,if he died, to make sure I applied right away for the Eligibility Certificate.

He said I might need it if I re marry and move and always added not to marry some b------d like him

.I always laughed at that.

He could be difficult at times to say the least. That was 18 years ago.Never applied.

I decided to apply for the Home Loan thing yesterday as I get it under two of my VA awards.

Question. The forms say send them to Atlanta Regional Loan Center in Decatur GA.

Will this hold up(strike that one) will this screw up my claims issues now at the Buffalo VARO????

They aren't asking me for any award letters on the forms but I feel I should attach the award letters to the form.....and I think I can do all that right on line at www.va.gov.

I dont think I will ever need this benefit.....then again it could cover some work I want done here soon.

Edited February 2, 2013 by Berta

[Teac]

Hello Teac,,,,, I was told by a VA rep back in the 90's when I was going to get another house that I had used up a portion of it and had a certain amount still left. I had the loan totally paid off and early too. Obviously from your post they fed me bad advice. I did not use the Certificate again so still have it. Thanks for pointing that out too because if the VA is telling us that ,then they really all don't know the Home VA loan issues .....or at least some of them don't . Hope your doing well..... NEVER GIVE UP. God Bless, C.C.

No Problem .. Just for the record I have used my VA loan 5 times .....3 times in just the last 9 years.. and yes on different houses....

[boomer2]

CC

I believe that your eligibility is restored when you sell your home to someone else. Now, my last house was VA and the people that bought it assumed my loan and I was told that I could not use my eligibility again until they sold my house. Now I never verified any of that plus, I don't think VA loans are any longer assumable.

[Capt.]

Hello Boomer,,,,,,You know what ,,,,,you just jogged my feeble memory and that is what was also told to me. Thanks Boomer. That you do not want to let your loan become assumable to another person because you could loose that part of your allowable. Thanks for you and Teac bringing that up. Sorry for not being clearer ,,,,,this has been along 3 months for me. NEVER GIVE UP. God Bless, C.C.

Edited February 3, 2013 by Capt.Contaminate

[Berta]

Maybe we could get someone from VA to explain the Home Loan program to eligible vets and eligible survivors

at SVR Radio !!!!!

[Teac]

CC

I believe that your eligibility is restored when you sell your home to someone else. Now, my last house was VA and the people that bought it assumed my loan and I was told that I could not use my eligibility again until they sold my house. Now I never verified any of that plus, I don't think VA loans are any longer assumable.

Actually the first time I used my va loan in 1990 , 4 months later my job transfered me and I let a Pastor assume my loan, it takes a while for the va to allow assumption of a loan and if someone doesn't have good credit the VA will veto the assumption. I then moved to North Carolina where I used the remainder of my loan... I however kept track of the pastor and checked with the va over the internet often and in 2002 I learned that the pastor has sold the home and that my eligibility had been restored. I then sold my little house in NC and moved back to Texas..

Any va loan can be assumed but after 1990 the VA rules changed and VA added a clause to all loans that an assumption must be approved by the VA, any loan prior to 1990 does not require va approval, but if someone did defalt on an older loan the va went after everyone that had owned the house.

Now, I did get caught up in a mess once with the va since in 1988 I actually assumed a va loan on a house in Killeen. Then I let someone else assume the note in 1990 when I went to Germany with GTE. After I purchased my home In NC, in 1993, ( two va loans later) the va sent me a bill saying I owed for the home loan that I had assumed back in 1988. I told the va in no uncertain terms that there was no way that I could pay for a house that I no longer owned, and that I allow someone to assume in good faith. The va also went after the original owner, who went bankrupt to avoid paying, and the guy that I let assume the note. I was smart enough to request a wavior of debt based on the fact that I had purchased two homes with my va loan since they had forclosed on the assumed note. I argued that I paid on time, and when it was time to have someone assume that note it was done legally and in good faith. The va approved my waivor of debt.. but technically, in a court of law they would have lost... because I had not failed to make any payments the last owner of the house was the defaulter, the va like any one just goes after anyone to get their money. This was why the va changed the rules on assumptions, and when the va allows an assumption they release you of any libility. Under the old system, a veteran could allow another person to assume a note with or without va release. I really don't think the va legally came after me, since the original owner never received a release of libility, ( that was why he went bankrupt), and everything as I said was in good faith, in the end the guy who actually defaulted got stuck with the bill as it shouldhave been.

[Teac]

Maybe we could get someone from VA to explain the Home Loan program to eligible vets and eligible survivors

at SVR Radio !!!!!

Its really all very simple.. and the rules are explaned on the va site, also lenders are required to provide handouts concerning va loans if they process such loans. The main benefit to a va loan is no down payment is required & no mortgage insurance is required usually the seller pays the closing cost. It is one of the few benefits that is almost automatic, and everyone gets the same. It can be used as often as a veteran likes as long as eligibility remains. And for disabled veterans 10% or more the 1% va fundning fee is not collected. In the last few years some laws changed that allowed spouses of deceased veterans to use va loans , prior to that if a veteran died, so did the eligibility. Also a vets wife could retain the loan, but once the house was sold, the survivor could not use the benefit again.... You don't even have to request a certificate of Eligibility, as was required 10 years ago, just apply for the loan at an approved va lender and they take care of the eligibility issues .