Quantcast

Veteran Home Loans







The Soldiers' and Sailors' Civil Relief Act is a statute designed to provide some relief to service members during active duty military service so they can devote their energy to the defense of the nation.
 
VA Home LoanVA Streamline RefinanceVA Home Equity LoanVA Certificate of EligilibityForm DD-214VA Loan FactsVA Loan Lending Limits

Soldiers' and Sailors' Civil Relief Act

Frequent Questions

Who is eligible to receive the reduced interest rate of 6%?

Career military and Reserve members who closed their loan before entering active military service. Members are considered to have entered active military service when they are on active duty (working in the Armed Forces fulltime). The date they entered active military service must occur after the loan has closed. "Entering active military service" begins on the date the person receives the order of induction or order to report for active military service or active duty (working fulltime).

Once the loan has closed, how does a borrower apply for relief under the Act?

Copies of military orders must be sent to the mortgage company servicing the loan. Simply call your mortgage lender at their toll free number and find out exactly where to send the papers.

If the customer's loan is in process and they receive their orders to enter active military service before the loan closes, are they entitled to reduce their interest rate to 6% after the loan closes?

NO. For example, if the customer is in the Reserves and closes their loan after they receive their orders to enter active military service, they are not eligible for the reduction in rate because the Act applies to individuals who signed their note and mortgage prior to entering into active military service. "Entering active military service" begins on the date the person receives the order of induction or order to report for military service. For a person in the Reserves, it would apply when they receive their orders to report to active duty (fulltime).

If they close the loan before they receive their orders to enter active military service, they would be entitled to the reduction in rate after closing as long as they can provide a copy of the military orders to Servicing.

How long does the rate reduction apply?

The rate reduction applies as long as the person is in active military service and ends on the date they are released from active military service.

Does a person have to be called to a war zone or military zone to be considered active in the military service or on active duty?

NO. The Act applies to "persons in the military service" as stated above.

Are there other rights under the Soldiers' and Sailors' Civil Relief Act?

YES. There are some limitations on actions that lenders can take in foreclosure proceedings and other provisions in the Act related to all obligations and liabilities at 50 U.S.C. App, Sections 501 et seq. Fannie Mae also provides guidelines related to the Act in part VII, Sections 304 of the Servicer's Guide. HUD and other investors also have information regarding the Act.




FREQUENTLY ASKED QUESTION # 2   [ -more VA Loan questions- ]
- - - - - -
Q: Using the VA Loan is a Good Idea

A: The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any downpayment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.


VA Loan Rates
for 7/04/2009


30 year fixed
-----------------
0.000 points
5.500%
5.610% APR

15 year fixed
-----------------
0.000 points
5.500%
5.686% APR



Serving the military community with personal loans from $500 to $10k.

Pioneer Military Loans



Free Credit Report
Do you know what's on your credit report?

FREE credit report and 7-day trial of CreditCheck!



Military News
Stay up to date
with news from the
top military news sources.



Life Insurance for Military Members





Montgomery GI Bill benefits can get you started:
University of Phoenix
- AIU Online
- Capella University
- DeVry University
- Kaplan University
- Westwood College
- The Art Institutes
- Strayer University
- Walden University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College



FHA Refinancing
Refinance with
an FHA loan FHA lenders provide an effective way to put your home equity to work.



VALoans.com is a private company specializing in VA financing and is not a government agency.



Better Business Bureau


Get Started with a
VA Home Loan


PROPERTY LOCATION

LOAN PURPOSE

ESTIMATED LOAN AMOUNT






Military Hub

Helping you make the best financial choices, build wealth, and save money during and after your military service.

-- Military Insurance
-- Military Pay
-- GI Bill Education
-- Military Finance



VA Home Loans 101
An easy reference guide offering vital information for using your VA benefits to buy a home.

Get this FREE guide!



VA Mortgage News
Browse through articles about VA home loan programs, VA benefits, VA refinance loans, VA mortgage guidelines, and other topics.

Subscribe now and get monthly email delivery

Looking for a Realtor®?
Have an experienced agent in your area contact you for your buying or selling needs.

VA Mortgage Calculator
Use our calculators to help you find the right veteran mortgage.

Military Discounts
Save money on your next car rental or hotel stay.

Veteran Benefits
Find out how easy it is to get a VA mortgage.

Site Map
Company Information
Contact Us
Privacy Policy
VA Home Loan
VA Adjustable Rate
VA Refinance
VA Loan Prequalify
Streamline Refinance
FHA Mortgage
Certificate of Eligibility
DD214 Request
VA Loan Facts


   Copyright © 1997- 2009
   VALoans.com
   All Rights Reserved

   Web Design
   Archimage
   Houston, Texas

 

   
Learn more about the different types of loans we offer from the VA and FHA government sites.