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.
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:
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.
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:
While brokers and lenders have a VA Portal where we can assist in obtaining the COE, Veterans may also apply for a COE online at http://www.ebenefits.va.gov.
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.
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: