Hello, National VA Home Loans family! In this article we will go over common VA Home Loan questions that we receive often.
Questions About The VA Home Loan Program
If you are in the market to purchase a new home or refinance an existing home, National VA Loans has you covered. Below are VA mortgage loan questions and answers. If you have more questions give us a call at (855) 956-4040 , we are here for you!
How Much Money Do I need for a Down Payment on a VA Loan?
Besides the USDA home loan, the VA home loan program is the only mortgage product that does not require a down payment. Yes, you heard that right, if you are a qualified veteran, you can purchase a home with zero money down. As a veteran this is a benefit that you have earned!
Does the Veteran of Affairs Lend the Money?
No, VA loans are made by private lenders like National VA Loans / Community First National Bank. However, they are backed up to 25% by the VA giving lenders more confidence to offer VA loans with no money down and great rates.
Can I qualify for a VA Home Loan if I have credit issues?
While the credit requirements for a VA Home Loan are generally more relaxed than those of a conventional home loan, there are certain conditions prospective borrowers must meet with the lenders themselves. Here are some things to keep in mind about your credit history:
- The VA doesn’t require a certain minimum credit score but asks the lender to review the borrower’s entire credit profile before making a decision.
- While there is no maximum debt ratio, the lender ultimately makes the decision if the total debt ratio is greater than 41%.
Here’s a list of things you should bring in when applying for a VA Home Loan:
- 12 months of cancelled rent checks, and/or name, address and phone number of your landlord.
- Credit card statements, with account numbers and minimum payment information for each.
Do all lenders offer VA Home Loans?
Not all local lenders can process VA financing, so check to make sure they are a VA-approved institution first. National VA Loans is powered by Community First National Bank who is a VA-approved lender, for more information call (855) 956-4040 to speak with a VA Loan Specialist.
How do I obtain my proof of military service?
You’ll need to fill out Standard Form 180, which is used to apply for military service proof. There are a couple of ways you can obtain SF-180, either via mail or download. Once you have the form, write to the National Personnel Records Center and submit a request for your records. You’ll need to provide as much info as possible, including full name, service or social security number, branch and dates of service, birthplace and date of birth, and other pertinent information.
Can you use the VA Home Loan benefit on a property outside the United States of America?
The property needs to be located within the United States, its territories, or Puerto Rico, Virgin Islands, Guam, Northern Mariana Islands or American Samoa.
Can you take out a VA Home Loan for a second property?
While you must occupy the property and call it your home, you can use the VA Home Loan benefit to purchase an income property of up to four units, as long as you occupy one of the units.
What are the advantages of the VA Home Loan?
If you haven’t taken the time to look into all the benefits of a VA Home Loan, you can clearly see how advantageous it is for Veterans to explore the opportunity. Some of the benefits of a VA Guaranteed Loan include no down payment (unless required by lender, or purchase prices is more than the reasonable value of the property), no mortgage insurance, and the fact a VA Home Loan is assumable by those who are qualified.
What type of service is eligible for a VA Home Loan?
The VA Home Loan Benefit is available to Veterans and service members who meet certain eligibility requirements. According to the Veterans Administration, VA Home Loan eligibility is open to the following:
- Veterans who meet length of service requirements
- Certain surviving spouses of deceased Veterans
- Service members on active duty who have served a minimum period
- Certain Reservists and National Guard members
Can I refinance my conventional home loan into a VA Loan?
If you do not already have a VA Home Loan, or currently have a conventional loan, you can refinance to a VA guaranteed home loan for up to 100 percent of the value of the property.
How do I apply for a VA Home Loan?
To apply for a VA Home loan, you can apply online at nationalapplynow.com or call (855) 956-4040 to speak with a VA loan specialist.
If you have questions about obtaining your Certificate of Eligibility you can call us here at National VA Loans or you can obtain one of these through eBenefits on the Veterans Administration website.