VA Loans Q & A
VA Loans Q & A
True or False: A veteran can use his/her VA eligibility for an investment property? False
What are the benefits of a VA loan?
There is often zero down payment, no PMI, and who pays the closing costs are negotiable.
Do you have mortgage insurance with a VA loan? No
What is a VA funding fee and how much?
The Veterans Administration charge for originating a VA loan. This is around 2-3%, which can be included in the loan amount.
Can you buy more than one home at a time with your VA loan?
Yes, but only if you get stationed somewhere else and haven't used all of your eligibility.
Can you buy a home with a VA loan, sell it, and then buy another home with a VA loan? Yes
True or False: The seller won't accept my offer because they have to pay points. False
What is BAH entitlement?
Basic Allowance for Housing - given to enlisted people to pay housing.
Can the buyer pay a transaction fee?
A Veteran buyer cannot pay any transaction fee with any VA Loan.
What is a certificate of eligibility?
It shows that the vet has VA eligibility for a VA loan.
Who doesn't have to pay a VA funding fee?
Spouses of military that are deceased during active duty or a Veteran that has been injured in the line of duty.
Does a VA loan ave PMI? No
Does the VA loan limit change for every city or county? No, but it used to.
Can you roll your closing cost into a VA loan?
No, it cannot be rolled into the loan. The Veteran can pay or seller can pay. Lender can also help with a lender credit. A combination of those is the best bet.
Is there any specific language or forms you need to include with your offer to use a VA loan? VA Amendatory Clause
Are VA loan rates historically higher or lower than conventional rates?
Lower
What is the difference between Section 1 Conditions and Section Il Conditions on Pest Reports?
Section 1 is active termites and dry rot. Section 2 is potential. For VA loans you usually need both. VA definitely requires section 1 clearance.
A VA Loan is guaranteed by the Veterans Administration. A veteran must have served how many days of active service? 180 days
How fast can you close a VA Loan?
21-30 days depending on the lender. 21-25 days is typical.
What's up with the VA appraisal?
10 calendar days for them to order it. They usually get the appraisal back 14 days or less appraisal contingency.