VA Loans

We'll show you how to maximize your benefits and get in the home that's right for you.

Have peace of mind knowing that we're specialized in VA loans. With a few certifications, including our Certified Veteran Mortgage Advisor, we'll show you how to maximize your benefits and structure the loan to increase your chances of approval and save you money.

What is a VA Loan?

The VA loan is a fantastic opportunity for veterans, service personnel, and their families. It's backed by the federal government but issued through private lenders.

VA loans offer active-duty military, veterans, and qualifying family members the opportunity to purchase a home with benefits that civilians don't have access to. Some benefits of a VA loan include no down payment on a home, no need for personal mortgage insurance (PMI), and lower closing costs.

How do I qualify for a VA Loan?

To qualify for a VA loan, you or your spouse must meet the requirements set forth by the Department of Veterans Affairs (VA), have a valid certificate of eligibility, and satisfy the lender's credit and income requirements.

If you (or your spouse) meet one or more of the following:

What you need to know about VA Loans:

1. You can use your VA Loan benefit multiple times. Even if you're looking to downsize or move into a larger home, you may still qualify for a VA loan. VA loans are not just available to first-time home buyers and can be used anytime you want to purchase a home, even if you have experienced foreclosure or bankruptcy. You must have full restoration of entitlement which requires paying off the existing VA loan AND transfer of title. You may be able to have more than 1 VA Loan at a time depending on your remaining entitlement.

2. There is no maximum loan amount if the Veteran or Service Member has full entitlement. If there is not enough remaining entitlement to buy the home zero down, they are then responsible for a down payment of 25% of the difference between the Max Loan Guarantee and the purchase price.

3. What is a VA funding fee? The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance.

Will I have to pay the VA funding fee?

If you’re using a VA home loan to buy, build, improve, or repair a home or to refinance a mortgage, you’ll need to pay the VA funding fee unless you meet certain requirements.

You won’t have to pay a VA funding fee if any of the below descriptions is true. You’re:

  • Receiving VA compensation for a service-connected disability, or
  • Eligible to receive VA compensation for a service-connected disability, but you’re receiving retirement or active-duty pay instead, or
  • The surviving spouse of a Veteran who died in service or from a service-connected disability, or who was totally disabled, and you're receiving Dependency and Indemnity Compensation (DIC), or
  • A service member with a proposed or memorandum rating, before the loan closing date, saying you're eligible to get compensation because of a pre-discharge claim, or
  • A service member on active duty who before or on the loan closing date provides evidence of having received the Purple Heart

4. There are two processes available to the VA Loan if the appraisal comes in low.

a. Tidewater is where no value is yet determined and the Appraiser initiates Tidewater. We then can provide a minimum of 3 comps and if the comps support the value, the Appraiser issues the value and sends the report to the lender.

b. The reconsideration of value may be requested by the Veteran in writing to the lender. The (SAR) Staff Appraisal Reviewer at the lender then sends the requested dollar amount for the new value to the (SAR) at the VA who has up to a 15% authority for the reconsideration.

5. VA Loans are not harder to get through underwriting. In fact, Underwriters are encouraged to consider every possible appropriate factor in seeking a proper basis for approving loan applications for every qualified Veteran and/or Service Member.

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