VA Loans For Native American Indians
By Marie Cappello
I Am a Native American Veteran. Am I Eligible for a VA Home Loan or Refinance?
VA loans are available to eligible Native American veterans who wish to purchase or build a home on trust lands. Details on the military service requirements are spelled out below.
How Can I Use My VA Loan?
A VA direct loan can be used to purchase, build, or improve a home on Native American trust land. These loans may also be used to purchase and improve a home or to refinance another VA direct loan lower the interest rate.
Five Easy Steps to the Native American VA Loan
Be sure your tribal organization or other Native American tribe is participating in the VA direct loan program. The tribal organization must have signed a Memorandum of Understanding (contact and we’ll get you the form), with the Secretary of Veterans Affairs, which includes the conditions governing its participation in the program.
Apply for a Certificate of Eligibility. A veteran who doesn’t have a certificate can easily obtain one by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan. We can help you get it.
Decide on a home to buy and sign a purchase agreement or a contract with the builder to build the home. We can help you find a home and write the purchase contract correctly. If you have a broker, make sure he or she knows what they are doing to get you this loan, or have them contact us.
An appraisal of the property will be ordered, and you will be asked to provide information needed to verify your income and credit history. Close the loan and move into your new home.
Who is Eligible?
Veterans who were honorably released from active duty service, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam-era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days active service. Veterans of enlisted service that began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years. Ask for our Complete Guide to VA Loan Benefits.
Persian Gulf Conflict. Reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were honorably released from the period of activation are eligible.
Reservists. Members of the Selected Reserve, including the National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving, are eligible. Reservists will pay a slightly higher funding fee than regular veterans.
Marie Capp
(858) 693-5404
http://www.goldmanklein.com
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