VA Loan Limits for Utah

The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2011 VA limit of $612,500 for Salt Lake, Tooele and Summit Counties; and $417,000 for all other counties in Utah.

Therefore, a veteran with full entitlement available may borrow up to the 2011 VA limit and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.

For more information on the VA's loan limits call me at 801-560-2333.

Source of information: http://www.benefits.va.gov/homeloans/docs/2011_county_loan_limits.pdf

Tip of The Day...

Did you know that you may be able to get a VA loan even if you have had one before?

According to the VA's website at http://www.benefits.va.gov/homeloans/faqelig.asp 

"your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property 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."

So, even if you've had a VA loan before you can still apply for a new VA loan!  For more information contact the Dan Davidson Mortgage Team at 801-560-2333 or ddavidson@primelending.com today.

Q: What is acceptable proof of military service?

*A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

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

Call me to discuss your financing options!   801-560-233

*Source of information:   http://www.benefits.va.gov/homeloans/faqelig.asp

Q: What is a VA Guaranteed Home Loan?

A: VA guaranteed loans are made by private lenders, such as banks or mortgage companies to eligible veterans to buy of a home (which they must live in). The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

Give me a call at 801.560.2333 to discuss your financing options.

Source of information:   http://www.benefits.va.gov/homeloans/faqpreln.asp 

If you are a discharged member of the Selected Reserve. . .

who has never been activated for federal service all you need to obtain your Certificate of Eligibility is a copy of your latest annual retirement points statement and evidence of honorable service.

Give me a call at 801.560.2333 to discuss your financing options.  


Source of information:  http://www.benefits.va.gov/homeloans/eligibility.asp

Evidence Needed for the Certificate of Eligibility If you are. . .

Serving now in the Selected Reserve or the National Guard and have never been activated for federal service

Statement of service signed by (or by the direction of):
the adjutant, personnel officer or commander of your unit or higher headquarters

showing:
Your full name
Social Security Number
Date of birth
Entry date on duty
The total number of creditable years of service
The duration of any lost time
The name of the command providing the information

Give me a call at 801.560.2333 to discuss your financing options. 


Source of Information: http://www.benefits.va.gov/homeloans/eligibility.asp

If you are an Active duty service member. . .

This is the evidence you will need to obtain your Certificate of Eligibility:

A current statement of service signed by (or by the direction of):
the adjutant, personnel office, or commander of the unit or higher headquarters showing:

Your full name
Social Security Number
Date of birth
Entry date on active duty
The duration of any lost time
The name of the command providing the information

Give me a call at 801.560.2333 to discuss your financing options. 
 
Source of information:  http://www.benefits.va.gov/homeloans/eligibility.asp