The Villages Voice - October 2014

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Veterans Corner VA-Guaranteed Loans

by Neil Yarosz

Veterans Corner     VA-GUARANTEED LOAN A VA-guaranteed loan can be used to: buy a home, either existing or pre-construction, as a primary residence or refinance an existing loan. No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property), no mortgage insurance, and a one time VA funding fee that can be included in the loan. Veterans receiving VA disability compensation are exempt from the VA funding fee. Generally, the following people are eligible: veterans who meet length of service requirements, service members on active duty who have served a minimum period, certain Reservists and National Guard members, and certain surviving spouses of deceased veterans. The key underwriting criteria is no maximum loan amount; however, VA does limit its guaranty; veterans can borrow up to $417,000 without a down payment in most of the country. No minimum credit score requirement; instead VA requires a lender to review the entire loan profile to make a lending decision. The guaranty allows Veterans to obtain a competitive loan without a down payment. Lenders need a Certificate of Eligibility (COE) to prove your entitlement. Most Veterans can obtain the COE online through eBenefits (www.ebenefits.va.gov) or your local county Veteran Service Office. VA Loan Technicians are trained to help Veteran borrowers retain their homes and avoid foreclosure. Please call toll-free 1-877-827-3702 to speak to a VA Loan Technician. VA BURIAL FLAGS A United States flag is provided, at no cost to drape the casket or accompany the urn of a deceased Veteran who served honorably in the U.S. Armed Forces. It is furnished to honor the memory of a Veteran’s military service to his or her country. VA will furnish a burial flag for memorialization for each other than dishonorable discharged: veteran who served during wartime, veteran who died on active duty after May 27, 1941, veteran who served after January 31, 1955, peacetime veteran who was discharged or released before June 27, 1950, certain persons who served in the organized military forces of the Commonwealth of the Philippines while in service of the U.S. Armed Forces and who died on or after April 25, 1951, and certain former members of the Selected Reserves. Generally, the flag is given to the next-of-kin, as a keepsake, after its use during the funeral service. When there is no next-of-kin, VA will furnish the flag to a friend making request for it. For those VA national cemeteries with an Avenue of Flags, families of Veterans buried in these national cemeteries may donate the burial flags of their loved ones to be flown on patriotic holidays. You may apply for the flag by completing VA Form 27-2008, Application for United States Flag for Burial Purposes. You may get a flag at any VA regional office or U.S. Post Office. The Sumter County Veterans Service Office can assist with completing the proper application. Any questions, please contact Sumter County Veteran Services at (352) 689-4450.   Neal Yarosz, Manager Sumter County Veteran Services