VA Loans SAQ’s
Below are just a few of the VA loan SAQ’s (should asked questions) to better help you understand the ins and outs of VA loans.
-Am I being charged any lender fees or points? We at First Priority Home Loans do not charge any lender fees or points unless, the Veteran chooses to pay discount points to secure a lower interest rate. **Third party fees apply**
-Is my loan fixed or Variable? We at First Priority Home loans offer full transparency and always provide full disclosure of the loan terms.
-What property types are eligible for VA financing? With VA financing you can purchase Condo’s/town homes, single family, and multi-unit properties.
-If the interest rates were to drop after I close my purchase, how long must I wait before I can submit for a VA Streamline refinance? You must pay at least 6 monthly payments before you can become eligible for a VA Streamline, also known as a VA IRRRL.
-Can I buy with less than perfect credit? Yes, We at First Priority Home Loans have helped many Veterans who have less than perfect credit can purchase their home.
-How many years must I wait to once again purchase a home using my VA loan benefit after a BK-7 or Foreclosure? After a foreclosure or BK-7 discharge, there is a two-year waiting period. I recommend during this time you keep all your current debt paid on time as this shows re-established credit.
-Is there a benefit of putting money down on a VA loan? Yes, as long as you put at least 5% down, the funding fee will be reduced, and the interest rate may be reduced as well. **If more than 10% disabled then the only advantage may be a lower interest rate. **
-If I’d like to cash out some equity whether it be for home improvements or debt consolidation, what’s the max the VA will allow me to take out? With a VA loan you can cash out up to 100% of the appraised value of your home. With this loan program an appraisal and income documentation would be required(must credit qualify).
To learn more, please contact us directly.