Welcome to our VA resource page where you will find information on topics specifically for veterans! We realize that unfortunately there is a lot of misinformation online about VA loans and the process of buying or selling a home. If you served like I did, we both know environments change rapidly, and while we could adapt in a wartime environment to these rapid changes, its much harder to do with the red tape surrounding VA loans. We hope you will find the information and links below to be useful and relevant. As a veteran and former Realtor of eleven years, I find these resources and information to be a great starting point to understanding the VA loan and where to get started. - Keith McKeever, Air Force Veteran

The VA Home loan is one of, if not the most, powerful mortgage loans available. As a Veteran of the United States you are eligible to take advantage of this amazing benefit. Unfortunately, there are many misconceptions about the VA loan so here are the basics you need to know!

Eligibility

In order to qualify for a VA loan you must get a copy of your Certificate of Eligibility (COE). This form can be found in eBenefits by the service member, looked up by a lender or obtained via your registered service officer.

Your COE - VA Form 26 1880

What You Will Need

The following information will generally be required by any lender you speak with. Other documents or additional copies may also be needed. This list is a general guide to assist you in gathering the main documents you will need to make your process smoother.

VA Eligibility Information

• VA Form 26 1880, Request for a Certificate of Eligibility for VA Home Loan Benefits (COE)

Savings & Financial Documents

• Bank statements from the most recent two months for all your accounts

• Statements from any other accounts, such as; retirement, 401K, mutual fund, money markets, stocks, bonds & inheritances

Credit Information

• Latest Credit Card Statements, indicating the minimum payment due and the account numbers

• The name, address and phone number for your landlord (if applicable), or 12 months of cancelled rent checks

• Copy of your drivers license

• Copy of your Social Security card

• If applicable: copies of divorce, palimony or alimony papers

• If applicable: copies of green cards or work permits

Personal Information

• Copy of note and deed from current loan

• Copy of property tax bill

• Copy of homeowners insurance policy

• Copy of payment coupon for current mortgage(s)

 CreditSmart Course

FreddieMac offers a FREE 12-module credit course for home buyers. Their course covers topics such as credit, managing your money and responsible home ownership and much more. In addition to helping increase you knowledge prior to using your VA loan, they state this program could be beneficial to those about to deploy or avoiding financial schemes that target military families and veterans.

Property taxes in Illinois are paid in arrears. In other words, the taxes for this year are paid next year. The exemption amounts are a dollar value subtracted from the assessed value assigned by the county of the property. For example a home with a tax assessment of $25,000 would have a full value estimation by the county of $75,000.

To figure taxes, take the assessed value, minus exemption values and multiply that by the county tax rate. Assuming a $5,000 disabled veteran exemption, homestead exemption (also known as owner occupied) of $6,000 then the taxable amount would be $14,000 x 10% tax rate would equal a tax bill of about $1,400 per year or two payments of $700.

These are rough figures for estimates only, but this gives you the general idea. Taxes are complicated, and difficult to project therefore always assume they will be higher than you figure.