The VA is now allowing veterans to apply for a loan before they obtain a VA Certificate of Eligibility. This should streamline the loan process.
According to NAR’s Daily Real Estate News (9/22/08) the U.S. Department of Veterans Affairs has made it possible for lenders to access the VA web portal in order to get veteran’s applying for VA loans approved within 24 hours using the VA’s online Automated Certificate of Eligibility (ACE) system.
According to the same article, applications for VA loans increased by a rate of more than 31% over this same period last year, guaranteeing more than 162,000 home loans this year for eligible veterans, service employees, and surviving spouses.
What’s more, VA loans still can be obtained without a down payment.
A VA loan is a wonderful option for borrowers in a tight market.