CROSS CAPITAL REALTY can assist you if you’re eligible for a VA loan.

Eligible borrowers may include the following:

Military veterans:

- Must have served in Active Duty for 90 days during wartime OR 181 continuous days in peacetime.

Active service men and women

Service includes:

- 24 continuous months or more OR a full period of Active Duty, but not less than 90 days during wartime or 181 days in peace time.

Certain Military Reserves and National Guard troops

You may be eligible if you:

- Completed six years as a member of an active unit

- Received an Honorable Discharge and retired

- Have a service-related disability

- Were “activated” for at least 90 days during the Gulf War era (August 1990 to present)

Other potential borrowers

- A widow/widower of a veteran who died while serving, or was declared MIA or POW

- Service personnel who left the military because of a Reduction in Force after 20 months of a two-year enlistment

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FREQUENTLY ASKED QUESTIONS FROM VA BORROWERS

Q: I'VE ALREADY USED MY VA ENTITLEMENT TO BUY A HOME, BUT I RECENTLY SOLD IT. AM I ELIGIBLE FOR ANOTHER VA LOAN?

A: Veterans or active service personnel who have bought previous homes with a VA loan before may still have remaining entitlement. Here’s how your current VA loan entitlement is determined.

You may qualify for a new VA loan if:

- The property purchased with the prior VA loan has been sold and the loan paid in full.

- If a qualified veteran buyer agrees to assume your VA loan and substitute his or her entitlement for the same amount of entitlement originally used to buy the home.

The entitlement may also be restored if the veteran has repaid a prior VA loan in full, but has not sold the property purchased with the loan.

Q: I BOUGHT A HOME WITH MY VA ELIGIBILITY, BUT MY EX-SPOUSE WAS AWARDED THE HOME DURING DIVORCE PROCEEDINGS. HOW DO I GET MY ELIGIBILITY BACK?

A: When the property is awarded to a spouse as a result of divorce, entitlement cannot be restored unless:

- The spouse refinances the property and/ or pays off the VA loan in full, or

- The ex-spouse is a veteran or member of the military who offers to substitute their entitlement.

Q: IF I WAS DISCHARGED YEARS AGO AND WANT TO QUALIFY FOR A VA LOAN, WHAT DOCUMENTS WILL I NEED?

A: Everyone is required to obtain a Certificate of Eligibility (COE). If you don’t have a COE, you will need to apply for one using VA Form 26-1880. This will require a copy of your DD-214 (Certificate of Release or Discharge from Active Duty). After you produce your COE, your Loan Consultant will assist you with other required documents. These may include banking, savings, and current employment information.

Q: WHAT IS THE MAXIMUM VA LOAN AMOUNT?

A: Although there is no maximum VA loan amount, (limited only by the reasonable value or the purchase price), 100% financing is limited to the maximum Conventional Loan Limit for the county where your home is located. Loan limits are reviewed and may change annually. Ask your Caliber Loan Consultant to confirm this amount.

Q: I AM A MILITARY RESERVIST, AM I ELIGIBLE FOR A VA HOME LOAN?

A: If you have served a total of six years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and received an honorable discharge; or if you currently serve in the Selected Reserves, you may be eligible. Reservists who completed less than six years of service may also be eligible if they were discharged for a service-connected disability.

In addition, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days, and were discharged honorably may be eligible.

Q: I SERVED IN THE U.S. MILITARY, BUT I LOST MY DISCHARGE RECORDS, HOW DO I FIND OUT IF I AM ELIGIBLE FOR A VA HOME LOAN?

A: Visit eBenefits online to apply for your Certificate of Eligibility (COE). Caliber has helped many veterans replace lost military records.

Q: I BOUGHT A PREVIOUS HOME WITH A VA LOAN, BUT IT WAS FORECLOSED ON. CAN I STILL GET ANOTHER VA LOAN?

A: It may be possible for you to use your VA entitlement to buy a home. Your Loan Consultant will research your VA loan history and inform you of the amount of entitlement you may use (if any).