VA Loan Questions

Here Are Some Answers To Some Common VA Loan Questions:

Who is eligible?— Retired and active military service personnel — all branches including Coast Guard and National Guard

What documentation do you need and how do you request it?

	DD 214 – discharge certificate
	Certificate of Eligibility – eligibility determinations often can be produced electronically by the VA’s ACE system through participating lenders

Benefit of VA Financing

	100% financing — $0 down!
	Seller can typically pay all the closing costs and pre-paid items (next property tax installment, annual property insurance premium)
	Gift money is allowable for closing costs and pre-paid items
	No monthly mortgage insurance – this may save hundreds per month over conventional financing
	Rates are comparable with conventional financing
	Can finance single-family home, condo or 2-4 unit residence

VA Funding Fee— With any level of VA -related disability, the FFF (Federal Funding Fee) is waived. All other guaranteed loans require the FFF at closing and is typically financed into the loan.

What is involved in qualifying for a VA loan?— You will fill out an application with a loan officer, providing employment/income information, cash/investments/assets available to you, other real estate owned if applicable, and answering a few other financial questions. Your credit report will be run and ratios of the cost of owing the property (principal, interest, property taxes and insurance) will be assessed along with other debt obligations to determine your ability to repay the mortgage.

Maximum Loan Amount— $417,000. There is no minimum loan amount.

How long does it take to close on a VA Mortgage?— A VA Home loan can typically be closed within 4-6 weeks (no longer than a conventional loan).

EXTRAS

Energy Efficient Mortgage (EEM)— You can roll in energy-saving updates that will help reduce the cost of energy, like a new furnace, new water heater, new windows, insulation, etc.

Assumable— VA Guaranteed Home Loans are assumable by another veteran when you sell your home; however, you will not be able to re-use your VA Home Guarantee Loan benefit until the subsequent loan holder either sells or refinances.

FAQs

	Do I need to be a first-time buyer? No.
	Can I escrow my property taxes and insurance into my payments? Yes — in fact, it is required.
	Is there a pre-payment penalty? No.
	Can I refinance my current home with a VA loan? Yes
	If I have sold a home previously that had VA financing, can I buy again and finance it with the VA Guaranteed Home Loan? Yes, there is no limit to the number of times you can use this benefit.

As a mortgage professional, I’m committed to helping you make the best possible financing decisions that deliver maximum value to you and your family. I’m also committed to making sure you have a full understanding of the lending process, every step of the way.

Please feel free to call any time. I’m always available to speak with you, your family, and friends. Keep in touch!

 Laura Glass

laura.glass@landmarkbank.com

903-892-1800