Austin VA Loans

VA Loans AustinFrequently Asked Questions (FAQ)

 

Can Austin Mortgage connect me with a VA loan provider?

Yes! Austin mortgage is proud to provide VA loans to qualified borrowers nationwide with great rates and no down payment.

 

What is the maximum loan amount a person can borrow for an Austin VA loan?

They provide $417K with no down payment, and in some “high cost” areas, the amount could go up to $1.0 Million or more.

 

How long does it take to complete a home purchase or refinance with a VA loan?

Our team of recommended experts closes Austin VA loans in 30 days or less.

 

How do I apply for a VA-guaranteed loan?

In order to apply for an Austin VA loan, obtain a Certificate of Eligibility from Veterans Affairs (VA) to prove that you are, indeed, eligible for a VA loan.

  • How do I obtain a Certificate of Eligibility from VA? 
    To obtain your certificate, complete a VA Form 26-1880 (a request form) and submit it, along with proof of your military service, to the Atlanta Eligibility Center.
  •  

  • Can my lender acquire my Certificate of Eligibility for me? 
    Most lenders can access your Certificate of Eligibility through the Web LGY system. Although not all cases can be processed through Web LGY, veterans are encouraged to ask about this method of obtaining certificates. Web LGY is Internet-based and can establish eligibility and issue a Certificate of Eligibility in a matter of seconds, which is much quicker than submitting your own request form.

 

What is acceptable proof of military service?

If you are still serving on regular active duty, submit an original statement of service that:

  • Identifies you,
  • Your social security number, and
  • Provides your date on entry on your current active duty period and the duration of anytime lost
  • *** The statement of service must be signed by the adjutant, personnel officer, or commander of your unit or higher headquarters. ***

 

If you were discharged from regular active duty after January 1, 1950, submit:

  • A copy of DD Form 214
  • Certificate of Release or Discharge From Active Duty
  • VA Form 26-1880
  • ***If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included (DO NOT submit an original document, a photocopy of DD214 will suffice)***

 

If you were discharged from the Selected Reserves, submit:

  • Copies of adequate documentation of at least 6 years of honorable service- may submit a copy of your latest annual points statement and evidence of honorable service

 

If you were discharged from the National Guard, submit copies of adequate documentation of at least 6 years of honorable service- your submission may include:

  • NGM Form 22
  • Report of Separation and Record of Service
  • NGM Form 23
  • Retirement Points Accounting (or its equivalent)

 

If you are currently serving in the Selected Reserves or the National Guard, submit an original statement of service showing the length of time you have been a member of the Selected Reserves, and at least 6 years of honorable service must be documented.  
 
*** The statement of service must be signed by the adjutant, personnel officer, or commander of your unit or higher headquarters. ***
   

How do I acquire my proof of military service?

Complete a Standard Form 180, which is a Request Pertaining to Military Records. This form is used to apply for proof of military service for those that served on regular active duty and in the selected reserves. Because the request form is not processed by VA, be sure to follow the instructions on the reverse side of the form to help determine the correct forwarding address.

 

Is it possible to receive another VA loan if I have already obtained one?

Depending on the circumstances, your eligibility can be reusable. If you have paid off your previous VA loan and no longer own the property, your eligibility may be restored for further use. Furthermore, if your previous VA loan has been paid in full but you still own the property, eligibility may be restored on a one-time only basis.  
 
In either circumstance, you must send a completed VA Form 26-1880 to the Atlanta Eligibility Center in order to receive restoration of eligibility. In order to save time and prevent processing delays, it is sensible to include evidence that proves the previous VA loan has been paid in full and, if applicable, the property has been disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

 

I sold the property I obtained with my prior VA loan on an assumption. Is it possible to get my eligibility restored to use for a new loan?

In this particular case, the veteran’s eligibility may only be restored if the qualified assumer is also an eligible veteran who is willing to substitute his/her available eligibility for that of the original veteran. If not, the original veteran cannot have eligibility restored until the assumer has paid the VA loan in full.

 

My prior VA loan was assumed, and the assumer defaulted on the loan. VA paid a claim to the lender, said it wasn’t my fault, and waived the debt. Now, I need a new VA loan but am told that my used eligibility cannot be restored. Why?

Although the veteran’s debt was waived by VA, the Government still experienced a loss on the loan. Therefore, the law does not allow the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

 

My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim, but I was free from liability on the loan and the debt was waived. Now, I am told that I cannot have my used eligibility restored. Why?

Once again, although the veteran’s debt was waived by VA, the Government still experienced a loss on the loan. Therefore, the law does not allow the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

 

Only a portion of my eligibility is available at this time because my prior loan has not been paid in full. However, I no longer own the property. Can I still acquire a VA guaranteed home loan?

It is possible depending on the circumstances. If a veteran has already used a portion of his/her eligibility, any remaining eligibility would be available for use. The veteran would need to discuss with a lender whether or not a down payment would be required and if the remaining balance would be adequate for the loan amount wanted.

 

Is the spouse of a deceased veteran eligible for the VA home loan benefit?

The surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. Contact the Atlanta Eligibility Center if you wish to apply. Also, a spouse who obtained a VA home loan with the veteran prior to his/her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan.

 

Are the children of a living or deceased veteran eligible for the home loan benefit?

The children of a living or deceased veteran are NOT eligible for the VA home loan benefits.