Archive for the ‘100% Financing’ Category

DD 214 forms are a (mostly) necessary document when applying for a Lane County VA mortgage loan, and, unfortunately, are commonly misplaced over time.

The good news is that losing or misplacing your DD 214 is an easily remedied problem!

For starters, let’s go ahead and define what a DD 214 is and what it is used for:

A DD 214 (short for Defense Department 214) form is issued to military members upon retirement, separation, or discharge from active duty. Also called a Certificate of Release or Discharge from Active Duty, this paperwork lists the details of the veteran’s status during the time they changed to inactive and if they left honorably or dishonorably.

DD 214 forms are a vital part of getting a VA loan for those applicants who are no longer in the military. They are required by the federal government in order to prove your qualification.

Remember that a Certificate of Release is not just for getting approved for a VA loan, so it’s generally a good idea to have yours accessible. You can use this paperwork to qualify for a variety of additional veteran benefits.

There are different ways you can acquire this paperwork:

1. Veterans receive a copy of their DD 214 when they leave active duty. They get their form regardless of the circumstances behind their leaving.
2. If you are a spouse (note: you can’t be re-married), a parent, or a child or sibling of a veteran, you can get a copy of from either the National Archives or the U.S. Department of Defense.
3. It is also possible that we can receive your Certificate of Eligibility online without having your DD 214 form. I still recommend that you get a copy of your DD 214 for future reference.

If you did receive your DD 214 when you left active duty but have misplaced or lost it, you can also get a copy of it through the National Archives or the U.S. Department of Defense.

For veterans, Certificate of Release copies are typically free of charge, although spouses and family might have to pay a nominal fee. When I got out of the service, they recommended that we file the form with the County Recorder, but that was before Social Security numbers were used instead of serial numbers and now it is not a good idea.

To request a copy, you will first need to fill out Standard Form 180 (also known as SF 180). You can download a copy of it HERE.

After you have filled out both sides of SF 180 you can then either fax or mail it to the address listed on the bottom. Simple enough!

Once you have you DD 214, be sure to confirm that it has the following information:

• Your complete name during your time of service.

• Date of birth.

• Your specific service branch.

• The dates of your service.

• Your social security number.

• Your service number.

As we already mentioned earlier in the article, having a DD 214 form is absolutely essential in applying for and getting approved for a VA loan. If you do not currently possess yours, you should request a copy of it as soon as possible, even if you are not currently shopping for a new mortgage or refinance.

This will ensure that when you do begin the VA loan process your approval won’t be held up waiting for the form to arrive.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

Since the start of the Mortgage Meltdown, some Real Estate professionals have been pointing the finger at 100% financing as being the culprit for the crash. The problem with pointing fingers is that there are always at least 3 more pointing back at you. With this said, the problem with this program was not the program itself as much as it was the education of the program to the consumer.

For more of my viewpoint on this very subject, you must read this article:

100% Financing is Not For Everyone