VA Loans FAQ’s

   -Do I need to request my VA Certificate of Eligibility before the initial Pre-approval appointment? The answer is no. We can pull up your certificate of eligibility internally thru the VA Portal.

-How many times can I use my VA loan benefit? Your VA loan benefit can be used as many times as you’d like however, since VA loans are only for owner occupied residences, you can only use one at a time. **Under certain instances, VA loan eligibility can be used simultaneously with another when the Veteran relocates due to a change in duty station(out of their control).**

-Can the Funding Fee be waived? The answer is yes, as long as the Veteran has more than 10% disability.

-How much is the Funding Fee? The first time use for active duty and for those who have been discharged/retired from active duty is 2.15% then, each subsequent use is 3.30% . For reservists, the first time use is 2.4% then 3.30% for each subsequent use. Funding fee is financed over the term of the loan and is reduced if the Veteran contributes a minimum of 5% down.

-Is the VA loan interest rate lower than Conventional Loans? The answer is yes, VA loan rates are roughly .25% lower than Conventional financing.

-Do VA loans require PMI if I were to put less than 20% down? VA loans do not have any private mortgage insurance regardless of whether you put zero down or 10% down.

-Can anyone other than my spouse be on the VA loan? The only one’s who are eligible to be on a VA loan are the spouse with the Veteran or a surviving spouse of a Veteran under certain circumstances.