VA Loans In Medina Ohio. Cross Roads Loans we are the best team for your VA needs.

VA Loans In Medina Ohio

If you are currently serving or have served in the past you are eligible for a VA Loan, we can walk you through each step. If you have a spouse, don't worry we will take care of them as well.

VA Loans in Medina Ohio are some of the best loans to obtain. You could don't have to worry about a down payment in most cases and refinancing is an option.

What is a VA Loan?

VA loans are home loans for veterans, service members, and eligible spouses. These types of loans are approved by private lenders like banks and mortgage companies.

How do I get qualified for a VA Loan?

Being a veteran doesn't automatically make you eligible for a home loan. There are requirements such as service duration/status, credit, and income standards. A COE-Certification Of Eligibility must be obtained from a lender and should be acquired before loan process starts to cut down on processing time. You must fall into a certain debt ratio, the max for debt ratio is 41%.
Also service requirements include minimum 90 days of service or minimum 181 days during peacetime. There is a two year standard for veterans enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria.

I have already obtained one VA loan. Can I get another one?

In must cases you can, just depends on the circumstance. If you have paid your prior loan in full and disposed of the porperty, you can restore your benefits. On a one-time only basis, you can get your eligibility restored if you paid your loan in full and still own the property. Either way, when your ready to apply for another loan, we recommend that you have the proper documention ready. Such as evidence of previous VA loan paid in full and proof of property diposed. 

I’m the spouse of a service member do I qualify?

If you are the spouse of a service member who has died in the line of duty or a service-related disability, yes.

What is the maximum amount I can borrow with a VA home loan?

VA will reserve a maximum of 25% of a home loan for up to $113,275, which means the max loan amount is usually around $453,100.

What can be done when both husband and wife are eligible?

Property can be acquired jointly but the amount of guarantee may not exceed 40% of the loan amount or $36,000.

How do I get my eligibility back after a divorce?

When the veterans ex-spouse is awarded as a result of the divorce, entitlement cannot be renewed unless the property is refinanced by the ex-spouse or if they pay off the VA loan in full or the ex-spouse is a veteran who substitutes their entitlement.

Can I use my VA loan to buy rental property?

VA mortgages aren't intended for this purpose. The general rule is that you as the home buyer occupy the home within 60 days of the loan closing.

What if I filed bankruptcy, and want to buy another home soon?

Luckily, yes. The process is a little longer and after two years of your bankruptcy you can purchase another home. Keep in mind there are other factors that will pay apart in the final closing process.

Once I own my property, do I still have obligations to my VA Loan?

Selling the property purchased with a VA loan releases your obligations. If it's a loan assumption, this is not automatic. The borrower needs to contact either the VA or the lender to request that liability be transferred to the new owner. The borrower needs to request a "release from liability" notice from the VA. There is an exception for loan closed before March 1, 1988.