FAQs

Yes, there are programs available to help veterans pay for closing costs, and one of the most notable is the Veteran Real Estate Benefit (VREB) Program. When working with me and a VREB agent this program can provide veterans with up to $7,500 back, which can be used toward covering closing costs or other expenses related to purchasing a home. It’s an excellent resource for veterans who want to minimize out-of-pocket costs when using their VA loan benefits. They are Veteran Owned and truly care about helping veterans and servicemembers when buying their home.

Using a mortgage broker offers several advantages over working with a direct mortgage lender, especially for veterans looking to maximize their VA loan benefits. A mortgage broker acts as your personal advocate, shopping around to find the best mortgage rates and terms across multiple lenders. This ensures you receive competitive offers tailored to your financial situation.

Unlike direct lenders, who can only offer their own products, mortgage brokers have access to a wide network of lenders, giving you more options, including specialized VA loan programs. This flexibility often results in better interest rates, lower fees, and customized loan options, saving you money in the long run.

For veterans and service members, working with a mortgage broker familiar with VA loans means expert guidance through the unique qualification and approval process, ensuring you get the most out of your VA benefits. By comparing lenders and products, brokers help streamline the process, making your homebuying journey smoother and more efficient.

While there aren't direct military discounts on home purchases, veterans and active-duty service members can take advantage of significant savings and benefits through the VA Home Loan program. This benefit offers perks like zero down payment, competitive interest rates, no private mortgage insurance (PMI) requirement, and more lenient credit requirements. Some real estate agents, lenders, and service providers may also offer special discounts or incentives to military members, so it's worth asking when you're in the process of buying a home.

The VA loan is available to active-duty service members, veterans, National Guard members, and reservists as long as they meet qualifying criteria. To qualify, you need a Certificate of Eligibility (COE), which proves your service history. Surviving spouses of veterans may also be eligible for VA loans under certain conditions. Meeting the VA's service requirements ensures you can take advantage of the many benefits offered by VA home loans. There are other qualifying circumstances such as Time in Service and Discharge Category to name a few.

VA loans offer several key benefits, including no down payment requirements, no private mortgage insurance (PMI), competitive interest rates, and flexible credit requirements. These loans are designed to make homeownership more accessible and affordable for veterans and service members. Additionally, VA loans have no prepayment penalties and come with limited closing costs, making them one of the most attractive home financing options available. 

Applying for a VA loan involves several steps: first, obtain your Certificate of Eligibility (COE) through the VA. We normally obtain that for you so you don't have to deal with the VA more than you have to. Next, you'll need to provide financial documents, undergo a credit check, and meet certain specific requirements outlined from the VA. Working with a VA loan specialist (like yours truly) can streamline the process and help you navigate any challenges.

As of 2024, there's no longer a VA loan limit for eligible borrowers with full entitlement. You can borrow as much as your lender is willing to lend, provided you meet their credit and income requirements. However, if you have less than full entitlement, limits may apply based on your county's conforming loan limits. It's important to consult with a VA loan expert to understand your specific situation.

One of the biggest advantages of a VA loan is the ability to purchase a home with zero down payment, meaning you can finance 100% of the home's value. This makes it easier for veterans and service members to achieve homeownership without needing to save for a large down payment, a significant barrier in many conventional loan scenarios.

While VA loans typically have lower fees than conventional loans, there are still some costs to consider. The most notable is the VA Funding Fee, which helps keep the VA loan program running. The fee varies based on factors like your down payment amount and whether you’ve used your VA loan benefits before. However, if you are a Purple Heart recipient or have been given a VA Disability rating higher than 10% YOU ARE EXEMPT! Other potential fees include appraisal fees, closing costs, and lender fees. However, these costs are often negotiable, and sellers can contribute toward closing costs. 

Yes, you can reuse your VA loan benefit multiple times, as long as you have remaining entitlement. If you sell your home and pay off the VA loan, your full entitlement is restored. Even if you've lost your full entitlement due to an unfortunate event such as a previous foreclosure or short sale, you may still be eligible for a VA loan with reduced benefits. Reusing your VA loan benefits is a significant advantage, enabling you to continue benefiting from VA loans throughout your lifetime. You can even own multiple homes AT THE SAME TIME with the VA Loan as long as you still have entitlement.

VA loans can be used to purchase various types of properties, including single-family homes, multi-unit properties (up to four units), condos/townhomes in VA-approved developments, and even some manufactured homes. However, the property must meet VA's minimum property requirements, which ensure it’s safe, sanitary, and structurally sound. VA loans are primarily intended for primary residences, not for investment properties or vacation homes. You can even use the VA Loan to build a new Construction home or renovate a home that may be outdated or needs some repairs prior to moving in.

The VA itself does not set a minimum credit score for a VA loan, but individual lenders typically have their own requirements. We look for a credit score of 580 and above for in house lending but are able to broker loans for scores down to 500 in some cases. Most other lenders look for a credit score of at least 620. If they claim to have no credit score requirement to get a loan they may allow it but expect a higher than normal interest rate to account for the risk the lender is taking. A higher credit score can help you secure a better interest rate, but the VA loan’s flexible credit requirements make it a great option for those with less-than-perfect credit.

Yes, certain surviving spouses of veterans may qualify for a VA loan. To be eligible, the spouse must not have remarried and the veteran must have died in service or from a service-connected disability. Surviving spouses can obtain a VA loan with no down payment and enjoy the same benefits as other VA loan borrowers. Obtaining a Certificate of Eligibility (COE) is the first step for surviving spouses to take advantage of these benefits. It is best to have this conversation with an expert as there are certain nuances that most loan officers don't understand.