Will the V/A homeloan help?

[T & N 0]

Hello to all,

I have been reading and filling out forms, and one thing struck me. I am a recently seperated veteran, and i was wondering, when i file for my V/A homeloan, where on the affidavit of support to I give them the information that i am a position to buy a home? Surely when they go to look at all my paperwork it would be a plus since its basically a down payment on a house. Maybe i am not looking close enough at the form, but i figured i would come and ask since there are so many people here that have so much knowledge of these things.

Thank you for you reading and good luck to all on this very special journey

[JimVaPhuong 4,863]

A VA loan guaranty is not an asset. It's a promise by the US government that they'll back your loan in case you default, which allows you to get a home loan with little or no down payment. It doesn't reduce the amount of the loan, and it has no "cash value".

In order to qualify as an asset for the affidavit of support, you must be able to convert the asset into cash with 12 months notice, without undue hardship or financial loss. You can't convert a VA loan guaranty into cash.

[T & N 0]

A VA loan guaranty is not an asset. It's a promise by the US government that they'll back your loan in case you default, which allows you to get a home loan with little or no down payment. It doesn't reduce the amount of the loan, and it has no "cash value".

In order to qualify as an asset for the affidavit of support, you must be able to convert the asset into cash with 12 months notice, without undue hardship or financial loss. You can't convert a VA loan guaranty into cash.

thank you so much, i had no idea what i was really working with. do you think that it would go in "good favor"? meaning, do you think it would help my chances at all?

[payxibka 10,045]

moving thread to:

US Embassy and Consulate Discussion

This is the place to post your experiences or questions related to this last step before moving to the US. Topics relating to I-134's, packets sent from consulate and medical & police certificates should be posted here.

[VanessaTony 3,567]

thank you so much, i had no idea what i was really working with. do you think that it would go in "good favor"? meaning, do you think it would help my chances at all?

Honestly? No.

First ANY veteran is eligible, it doesn't really say anything about YOU except that you were in the Armed Forces in some way. You also still need a good credit history (above a certain level) to get it and there are still SOME fees involved in order to get it. While it permits you to buy a house with no deposit and a lower interest rate, it makes you no different to someone who actually has the money to buy a house or put a deposit on one.

If you OWN a house well then it's an asset so then it would count.

FYI - if you do plan on using the V/A to get a home loan (ignoring the visa stuff for a second), be warned the bureaucracy involved can have it take months and months :S Ours took 4 months, was only supposed to be 3.. and it was only 4 (as opposed to more) because we pushed and pushed. I know someone who took more than 12 months but I've heard it can even be more :S

[JimVaPhuong 4,863]

thank you so much, i had no idea what i was really working with. do you think that it would go in "good favor"? meaning, do you think it would help my chances at all?

There are two things a consular officer or immigration officer is looking for when evaluating an affidavit of support for viability. First, does the sponsor have sufficient income and/or assets to qualify? Second, is there a reasonable expectation that the sponsor will be able to maintain their income at a qualifying level?

A VA loan guaranty is not a qualifying asset or income, and it's not evidence you'll be able to maintain your income at a qualifying level. You may find it helps a lot when you decide to purchase a home, but it won't be of any use with the affidavit of support.