Loan Benefits for Vietnam Veterans
Vietnam veterans, like all veterans of the U.S. armed forces, are entitled to certain medical and financial benefits. The government department in charge of dispensing those benefits is the Office of Veterans Affairs, or VA. All veterans should contact their local VA office to ensure they are taking full advantage of the services offered.
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Lending and the VA
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The Department of Veterans Affairs is not a direct lender. Instead, the government joins with approved lenders to offer qualified veterans government-sponsored loans. Such lenders must pass rigorous standards of lending before they are qualified to lend under the VA banner.
Using VA Loans
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In order to take advantage of a VA home loan, veterans must fill out VA Form 26-1880, or a Request for a Certificate of Eligibility for Home Loan Benefits, and send it in to the Winston Salem Eligibility Center. While veterans can receive such benefits without completing this process, confirming your eligibility with this form expedites the process.
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Eligibility
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Most veterans are qualified for one home loan per property. For example, if you are a veteran and wish to buy a home, you would fill out your eligibility form, send it in, and complete a VA mortgage loan with an approved lender. If, in the future, you decided to sell that property and move elsewhere, it is possible to get your VA Home Loan Eligibility reactivated so you can once again take advantage of the government-sponsored programs.
Surviving Spouses
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Surviving spouses of military personnel who died while on active duty are entitled to the same benefits as other veterans. While the paperwork is more complicated, surviving spouses should contact their local VA office to arrange for VA loans and other benefits.
Foreclosure
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If you are a veteran with a VA loan on your property and you loan is foreclosed on, you won't be eligible for another VA loan. There is generally no appeal for these, but they can be reviewed case by case. It's important to remain in good standing with your lender because it is a direct arm of the federal government and the Department of Veterans Affairs.
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