If you have ever been to the Peace Garden State, then you must have heard of its various areas of renown including natural scenery. You may also have learned of VA loan North Dakota, a product that has of late been part of popular financing lexicography because it does not change in the face of the housing bubble. However, time and again, veterans face financial, eligibility and repayment dilemmas that may deter them from applying for one. This can all be resolved if you speak to a loan specialist at VA Loans Center. We have accumulated various questions that locals frequently ask about financing.
- Can a widow/widower of a deceased ex-serviceman qualify after remarrying?
No, as a spouse of the deceased, you can only qualify for VA loan ND if you remain unmarried.
- Which documents do I need to qualify?
You require a Certificate of Eligibility (COE) to show that:
- You have served consecutively for 90 days in war or 181 days during peace times.
- You are a National Guardsman with at least 6 years in service
- You have never displayed dishonorable behavior during your tenure.
Another important document is a Discharge Form from your former infantry boss. It shows that your dismissal was general or honorable.
An Appraisal Report is also important when applying for VA loan North Dakota.
You may also require a credit report, bank statement for the past three months and other miscellaneous documents.
- Can I refinance from another program?
Yes, veterans can use a Rate/Term plan to process an FHA or USDA mortgage into a military program. This will become a swap: unlike a home equity offer, your new loan will be an assumption of the previous one under a new rate, rather than a parallel plan. You can opt to tap into the equity of your VA loan ND using the Cash-Out plan. This enables you to use up to 90 percent of the growing collateral in your residence for repaying part of or the entire balance.
- Do I need to be a US citizen?
By default, you must be a United States citizen and living in a particular state to access the program. There are exceptions however:
- Certain non-US World War II (September 1940 to 1947) veterans who seek to settle down in the US can access the VA loan like any other citizen.
If you pass the eligibility test, you will discover that VA loan ND does not enforce very stringent rules of repayment as traditional mortgages do. There are two scenarios that we can review:
- If you repay the mortgage before the maturation of the amortization period, you will suffer zero prepayment charge.
- Overdue balance remission under reasonable financial circumstances does not warrant any penalty.
You can settle near Grand Forks or Minot Air bases through the facilitation of VA loan North Dakota. This gives you accessibility to vocational, educational and healthcare resources from the military.
Love the Peace Garden State? Give VA Loans Center a call today and we will be happy to assist!