VA Loans FAQs

VA LOANS FAQS

ANSWERS TO VETERANS QUESTIONS CONCERNING VA LOANS

When a person completes their military service, they may feel it is time to purchase a home.

Most veterans know about VA home loans.But many have questions they want answered before beginning the process.

IS A VA LOAN BETTER THAN OTHER TYPES OF HOME LOANS?

VA loans are designed to give veterans an advantageIt enables them to buy a home without a down payment.

A vet also can get an appraisal.It will provide important information on the home's value and more. Their closing costs could also be limited.

HOW DOES A VETERAN APPLY FOR A VA LOAN?

They need to contact a lender who makes VA loans.After choosing a lender, a veteran can begin the process by filling out an application.

This can be done: Online Over the phone Meeting at the lender's

office

Vets also will need to provide documents concerning their: Savings Credit Employment information

WHAT IS A CERTIFICATE OF ELIGIBILITY?

When applying for a VA loan, a veteran must obtain a Certificate of Eligibility (COE).They can get one by applying with VA form 26-1880.

A veteran will also be required to provide a copy of their DD-214.This is known as a Certificate of Release or Discharge from Active Duty.

CAN RESERVISTS AND NATIONAL GUARD MEMBERS GET VA LOANS?

If a person has completed six or more years in the Reserves or National Guard and received an honorable discharge, they may qualify.

If Reservists or National Guard members were discharged because of a service-connected disability, they could qualify with less than six years.

If they were activated by the authority of Title 10 U.S. Code, and served 90 consecutive days, they also may qualify for a VA loan.

WHAT ARE THE REPAYMENT OPTIONS WITH A VA LOAN?

VA loans provide veterans with a guaranteed 30 year loan with options of repayment plans. They can choose a traditional fixed loan where they pay the principal and interest.

A Graduated Payment Mortgage (GPM) is also an option.This allows them to have initial low payments that gradually increase.There are more options available.

IS THERE A MAXIMUM AMOUNT A VETERAN CAN BORROW?

There is no maximum limit for a VA loan.The reasonable value of a home, as well as its purchase price, is taken into consideration.Most lenders try to keep VA loans under $420,000.

CAN A VA LOAN BE USED TO BUY PROPERTY IN ANOTHER COUNTRY?

No. A VA loan can be used only to buy property in the United States.

This would include: Puerto Rico American Samoa,

and others.

DOES ELIGIBILITY FOR A VA LOAN EXPIRE?

It does not expire during the time a person is serving on active duty.

Once a person is discharged, a determination of eligibility will be made based on their length of service and type of discharge received.

CAN A VA LOAN BE USED TO PURCHASE A MANUFACTURED HOME?

Yes

A private lender can make a VA manufactured-home loan.

The VA will guarantee up to 40% of the loan amount or a veteran's available entitlement.The amount guaranteed by the VA does not have to limit the amount a veteran can borrow.

WHAT IS A VA FUNDING FEE?

This is a percentage of the loan amount every veteran must pay to fund the VA home loan program.It is possible to finance the VA funding fee.

Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.

Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com

VA Loans for Vets7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258Phone: (480) 351-5904Email: jimmyv@fcbmtg.com