In July of 1930, through an executive order by Herbert Hoover, the Veterans Administration was created. The federal government guarantees VA-guaranteed loans through the Veterans Benefits Administration.
What Are VA Loans?
The main purpose of the Veteran Affairs in guaranteeing loans is to help meet the housing needs of eligible veterans who have served or are currently on active duty in the US Armed forces:
- Army
- Navy
- Air Force
- Marine Corps
- Coast Guard
- Reserves
- National Guard
VA loans are government funded and often times provide more favorable terms than conventional mortgages.
For more specifics and detailed information about NY VA home loans, check out our New York VA Mortgages page.
Who is Eligible for VA Home Loans in New York?
As a Mortgage Broker, Maple Tree Funding is required to check and ensure that the applicant is an eligible veteran. In order to obtain a reliable proof of eligibility, we look for a Certificate of Eligibility (COE). We do this by first asking the veteran to document his or her service.
The Certificate of Eligibility provides the following information:
- Name of the Veteran
- The Veterans Social Security Number
- The Branch of Service
- Prior use and any outstanding VA-guaranteed loans
- The Veterans basic entitlement
- Any exemption from payment of the funding fee due to receipt of disability income and the amount the Veteran is entitled to receive from the Veteran’s Administration.
While brokers and lenders have a VA Portal where we can assist in obtaining the COE, Veterans may also apply for a COE online here.
In order to apply for a COE, you’ll typically need to have a copy of your DD214 form. Learn more about DD form 214 and find out how to go about obtaining this important discharge form.
VA Eligibility Service Requirements:
- 90 Days in wartime while in active duty
- 181 days in peacetime while in active duty
- Two Years or the full time called if enlisted after 9/7/1980
- Separation from service due to a service-connected disability
- Unmarried surviving spouse of a service member who was KIA, POW, or MIA
Typically, all members of the Reserves and/or Guard will receive an annual retirement points summary that indicates the level and length of participation. A minimum of six years of reserve service is required.
The amount of available basic entitlement is $36,000 and it may be reduced if a veteran has used the entitlement before that has not been restored. This will be displayed on the COE when obtained. EXEMPT will show near the Funding Fee if the veteran is exempt.
Please visit our page about how to determine VA mortgage eligibility to learn more about who is eligible for VA home loans.
NY VA Home Loans Available Through Maple Tree Funding
Maple Tree Funding is proud to offer VA home loans for our Veterans shopping for homes in New York State. If you are interested in learning more about VA home loans in New York, please check out the following resources:
New York VA Mortgages: Benefits of VA Loans & How To Get Started – Learn about the benefits of financing your home purchase through a VA mortgage, and find out where to being the process of obtaining a VA loan.
How to Determine VA Loan Eligibility – Get the details to help you determine whether you’re eligible for a VA home loan.
VA Mortgage Home Refinancing Options – Hoping to refinance into a VA mortgage? Learn about the options available to eligible service members and veterans.
Ready to get the NY VA home loan process started? Give us a call today at 518-782-1202 or contact us online!
