VA Loan Questions and Answers

Are you the VA or a branch of the VA?

No we are not the Veteran's Administration. The VA does not lend money, they insure the money that we lend. We are a mortgage company that specializes in VA insured home loans.

What is a COE? Where can I get it?

COE stands for Certificate of Eligibility. It is the certificate that proves that you as the veteran are eligible for a VA guaranteed home loan. Veteran Loan Center can get these for you during the loan process.

Why use my VA home loan benefit?

The VA loan is a program set up to help active duty and retired military personnel into homes. They will give you 100% financing on a home without having to pay mortgage insurance at a very competitive rate. The VA also limits the types of fees that can be charged protecting against predatory lending.

How do interest rates fluctuate?

Interest rates can change daily, sometimes even a couple times in the same day. They are based on the 30 year mortgage bond and many other market factors. Credit, employment status, loan program, and many other things can also affect your interest rate.

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 What is a funding fee? Do I have to pay for this?

VA funding fee is a fee added to your loan that goes to the Veterans Administration. For your first time use of a VA loan, your funding fee is 2.15% of your loan amount. For each subsequent use it is 3.3%. You will be required to pay it unless you have a service related disability of 10% or greater in which case the funding fee is waived.

What do I need to get qualified? Am I eligible?

We have a few quick questions to ask to get you qualified. That includes your income, debts and SSN to pull you credit history. We will contact you in a few hours to give you the status and possibility of you obtaining a loan.

What are the benefits of a VA loan?

The VA loan offers 100% financing with no mortgage insurance. The loan is assumable and you are eligible for a streamline refinance if rates go down. It offers great rates and is less strict on credit than most conventional loans.

Can I get an interest only loan?

The VA loan does not offer an interest only option at this time. We do have access to interest only conventional programs and would be happy to put you into one of these programs.

May I purchase land with the VA?

No, the VA loan is designed for existing home purchases or new construction. They are unable to do land loans at this time.

May I use my VA eligibility more than once?

Yes, but in most cases you will only be able to hold one VA loan at a time.

What is the fee for a 2nd time use of a VA loan?

3.3 %, unless you have 5% to put down in which case it is only 1.5%

Does it matter what your credit score is with the VA?

The VA doesn't put an extraordinary amount of weight on credit scores, but does look for a clear 12 month history.

May I use my grandfather/father VA eligibility for myself?

No, only the veteran themselves or the surviving spouse of a veteran killed during active duty is eligible for the VA benefits.

May I use a co-borrower to help get approved?

VA guidelines will only allow a spouse to be a co-signer. We are able to provide conventional financing as well which may be more suitable if a co-signer other than a spouse is needed for qualification.

May I use my spouse as a cosigner so that I can get a larger VA Home Loan?

Your may use your spouse to qualify. However, if a spouse's income is used, their liabilities must be included as well.

May I use a VA loan to start a business?

At this time Veteran Loan Center.com does not do any business lending. If you have other questions regarding commercial loans please contact your regional VA office.

May I get two VA loans at once?

You may be able to have two VA loans if you have entitlement available. The best way to determine your entitlement and eligibility is to contact one of our VA Specialists.

Does it cost anything to get prequalified?

No, it does not. Our professional loan specialists take great pride in helping veterans and military personnel get into homes.

What is the difference between a VA loan and a conventional loan?

VA Loans are guaranteed by the Veterans Administration and allow for no money down and easier qualification most of the time. Conventional loans require 5% down and often times mortgage insurance.

Are the VA rates the same as conventional rates (better/worse)?

They are not exactly the same. Some days they are better, some days they are worse. They always are very close to conventional rates though.

Does my credit score affect my rate?

Not with the VA, credit score has no impact on your rate. It can with some conventional programs.

May I get a VA loan with having a bankruptcy? How long must I wait after filing?

Yes. You must be at least 1 year out of a Chapter 13 and 2 years out of Chapter 7. You also must have no late payments in the last year.

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I have bad credit, is a VA Loan still guaranteed to me?

It's guaranteed to you if you qualify for it. If you can't qualify right now you can repair your credit and try again in a few months.

Can I have a friend on the loan with me?

Depends on the type of loan you want and if it is conventional or FHA. VA loans will only allow a spouse to co-sign on a VA home loan.

Does my veteran home loan entitlement expire?

Your entitlement never expires. However, your COE may need to be renewed if it is older than 12 months.

How much can I borrow with my VA Home Loan?

You can borrow 100% up to 359,650 as long as you can qualify for it. On a refinance you can borrow up to 90% of the appraised value of your home.

May I use a VA Loan to invest in real estate?

At this time you can only use the VA loan for a home that you intend on living in as your primary residence.

Are VA guaranteed loans, loans from the government?

The Veterans Administration does not give you the loan directly. They insure the loans that we originate for you, allowing you to get 100% of the appraised value of the home you are purchasing.

How do I find out how much I can afford?

The best way to find out how much you can afford is to call 800-814-1103 and talk to a specialist.

If I get a VA Home Loan that has an Adjustable Rate, what does that mean?

Having an adjustable rate means that once you term is reached whether it is 3 years or 5 years, your rate will start moving with the market. If rates go up so does yours. If rates go down you can expect yours to go down as well.

Do I need to put money down in order to purchase a house with my VA Loan?

A VA loan covers 100% of the value of the home, you will however have to pay for any closing costs. The seller can pay up to 6%, which should cover more than enough of costs so you can get into you new home with no money out of pocket.

May I use my Veteran loan benefit to purchase a vacation home?

No, your VA loan has to be your primary residence.

I am currently active in the armed forces; may I still receive a VA home loan?

Yes. If it is a permanent resident and you are within 60 days of moving in.

My realtor has suggested that VA appraisers are bad. Is this true?

No. The VA appraiser is out to protect the buyer. It is a government backed loan and they need to make sure the home meets specific safety and quality guidelines.