VA Loans Insider
All you need to know aboutgetting a VA mortgage.
Access our library of free homebuying ebooks and PDF guides.
For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, no-down payment loans have helped more than 18 million service members become homeowners since 1944.
But even some longtime VA borrowers aren’t familiar with all of the program’s unique benefits and quirks.
Here’s a look at some of the key things service members and their families might not know about VA loans:
1. They’re reusable. You can use your full VA entitlement over and over again as long as you pay off the loan each time.
2. They’re only for certain types of homes. If you’re planning to buy a working farm, a downtown deli or a fixer-upper, the VA loan may not be for you. It’s mainly designed for single family homes in move-in condition.
3. They’re for primary residences only. Don’t bother trying to use your VA loan benefits to buy an investment property or a vacation home in the Poconos. VA loans are for primary residences, with few exceptions.
4. They’re not issued by the VA. The VA isn’t in the business of issuing home loans. Instead, the agency provides a guaranty on each qualified mortgage loan.
5. But they’re guaranteed by the government. If you have a VA entitlement, the agency guarantees up to a quarter of the loan amount. The guaranty gives lenders confidence and helps service members secure great terms and rates.
Get Started with your VA Loan Request6. They’re available despite foreclosure or bankruptcy. Service members with a history of bankruptcy or foreclosure can secure a VA loan. Even borrowers who have had a VA loan foreclosed on can still utilize their home loan benefit.
7. They come with a mandatory fee. All those great benefits come with a cost: the VA Funding Fee. This fee (usually about 2 percent of the loan amount) helps the VA keep the program going and is required on both purchase and refinance loans. It can be rolled into the loan amount and waived entirely for those with service-connected disabilities.
8. They have limits on co-borrowers. Some loan programs let you get a loan with just about anybody. That’s not the VA loan program. The only acceptable co-borrower is your spouse or another eligible veteran who will live in the home with you.
9. They don’t have mortgage insurance. Mortgage insurance is a monthly fee you pay with other programs when you’re not putting at least 20 percent down. The VA’s guaranty eliminates the need for any mortgage insurance or mortgage insurance premium, helping borrowers save even more money each month.
10. They don’t have a pre-payment penalty. You can make extra payments any time you want, saving you a boatload in interest over the life of your loan. You can even structure your payments to automatically deduct a little extra every month. Just an extra $100 per month can shave years and tens of thousands of dollars from the balance.
Image: Allan Ferguson
434 Comments
Can I use a V. A. loan if I’m on disability? Does it have to be service related?What do I need to make each month? Thank you for any help. Discharge was honorable. Four years USMC.
@Tom: As long as you meet the eligibility requirements and have the credit and income to handle the mortgage, you shouldn’t have a problem securing a VA loan. The income required will depend on the size of the loan. You can talk to one of our VA loan specialists any time at 888-212-1958. They can go over your specific situation and get you on the path to obtaining a loan.
If you are service connected disability more than 20% you will not be charged the VA service charge. I had no money down however I did have to have closing costs. My credit was 620 after the mortgage lender helped. Find a mortgage lender that has someone in the office that specializes in VA home loans. Then you will have all the info. Its a major hassle as far as paper work but I just kept going till they said yes or no. Luckily it was yes.
Actually, it only needs to be a 10 percent rating to obtain the VA Funding Fee exemption.
what should be my credit score to get a va home loan?
@Bonnie: In the current economic climate, VA lenders are looking for a score of at least 620. If you’re not quite there, I would recommend you contact the Department of Secondary Approval at VA Mortgage Center. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
I need help here in Oregon trying to find a place that I can get a VA loan with…I’m tired of renting and want my own house
@Jessica: No problem. Email me at chris@veteransunited.com and I will put you in touch with one of our expert loan officers who can help Oregon borrowers.
I’m interested in this. Our home is in forclosure now. Could someone please contact me. Send me an email and I will send back phone number and address, etc.
I look forward to talking with you. Hopefully this is the help I’ve been praying for.
Thanks you for all you do.
@Liz: Thanks for writing. I just sent you an email.
how do i get approved for a new VAloan if i have bad credit?
@Thomas: In short, you can’t. Lenders are looking for a score of at least 620. I would recommend you contact the Department of Secondary Approval at VA Mortgage Center. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
hi, I lost my first house last sept.2009, due to the economy crisis. I havent use my VA loan, now that houses are affordable but my credit is not that good is there any program to use my VA loan to buy or purchase a house again?
@Alner: You probably won’t be able to secure financing until your credit is back to at least a 620. As I’ve told previous commenters, my suggestion is to contact the Department of Secondary Approval at VA Mortgage Center. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Hope that helps.
If primary borrower who is the vet passes away, is the loan automatically paid off, since there is no need for mortgage insurance. Thus alleviating the spouse from having to pay back balance of the loan? We are currently schedule on a VA loan later this month and any info you can provide would be helpful.
Thanks
Msgt John R Chambers USAF Retired.
@MSGT Chambers: Thank you for your service. To answer your question, no, the loan would not be paid off automatically. Private Mortgage Insurance (PMI) is related to a borrower’s loan-to-value. You’re thinking of mortgage life insurance. That is something you can purchase from private insurance companies, but the VA doesn’t pay off the balance. The spouse or other co-borrower would have to continue making the payments. Please let me know if you need anything else.
Hi. Ima 65 year old veteran of the Viet Nam era. I have never bought a house under VA Loan. I am now on Social Security, and its not alot! Can I be eligible to buy a home at this stage in my life? My husband is onSS also.
@Angelica: You most certainly may be eligible to participate in the VA Loan Guaranty program. As long as your income is stable, reliable and likely to continue, it’s really a matter of your eligibility status; your credit score; and how much of a mortgage payment you can afford. You can check your eligibility and get a realistic sense of your ability to afford a home purchase by talking to one of our VA loan specialists. Call anytime at 888-212-1958. Please let me know if you need anything else.
Can I use my VA loan to buy a house with a little extra to do minor repairs? I am looking at a house that is move in ready , but needs some repairs.
@Ronnie: Move-in ready is a requirement for the VA program. A lender isn’t going to give you additional money for minor repairs, but you can get extra money for an Energy Efficient Mortgage. The lender will fund whatever is less, the appraised value or the purchase price, along with up to $6,000 in acceptable energy-efficiency improvements. As far as repairs go, we can usually help you work this out with the seller, but the repairs will have to be made before you close on the house.
I WANT ASK QUESTION ABOUT GET A HOME LOAN AND LOAN IN GENERAL
@Johnnie: No problem. What’s your question?
I am planning to move to Texas.Need to sell my house.Has almost no equity.If sell for less of what i owe,what are my responsabilities?Would i be able to purchase a house in Texas using my VA loan ?
@Moises: If you’re able to move forward with a short sale, you’ll have to wait two years before you can pursue VA financing. A foreclosure on a VA loan doesn’t mean you can’t get a new one, but lenders are going to wait two years while you rebuild your credit.
This is on par to the question that I have. My husband and I bought our house via VA loan in 2005. We are underwater and are considering a short sale in order to move out of state. If the short sale is approved, what would be our responsibility to the VA? Would we owe the difference of the short sale to them? Or is it possible to even think that we wouldn’t owe anything? Also, if this did happen, is it still possible to get another VA Loan in the future? Thank you for any response.
Until the loan is repaid in full, you would be unable to access the entitlement tied up in the property. Depending on how much you used on that one, there may be enough remaining for another VA-backed mortgage. You would need to wait at least two years from the short sale to try and qualify.
Hello,
Was wondering if with a VA loan if its possible to get pre approved to know
before shopping to know how much u can offer on a home?
@Dustin: You can contact a loan specialist anytime regarding preapproval at 888-212-1958. They can also suggest possible real estate agents in your area who work with and understand the unique needs of military borrowers. Hope that helps. Please let me know if you need anything else.
call me asap 502-715-2374
I am getting a or trying to get a VA loan,,, my husban was in the Marines,, 100% disablea
died now i am disable and need a house
We always assume that you must be a veteran to qualify for a VA Loan, what about a survivor of a 100% disabled veteran who died of his disability? Can the survivor refinance her home?
@Kelly: When you say “survivor,” do you mean a spouse or children of a veteran?
I’ve been paying PMI and recently found out that it is not required for a VA loan. Do I have any recourse?
@Jack: How did you come to be paying PMI?
My question: Can a VA loan be used to buy a manufactured home?
Absolutely. The challenge right now is finding a lender who will loan on these homes.
2. They’re only for certain types of homes. If you’re planning to buy a working farm, a downtown deli or a fixer-upper, the VA loan may not be for you. It’s mainly designed for single family homes in move-in condition.
IN RESPONCE TO THIS I WOULD ALSO LIKE TO ADD SOMETHING I’V RESERCHED THIS AND WHAT THIS SAYS IS CORRECT BUT VETERAINS ALSO APPLY FOR PRESIDENCE THROUGH THE DEPARTMENT OF AGGRICULTURE FOR LOANS AND GRANTS FOR THING LIKE FARMING
this is what I have been told as well.
I’ll be separating shortly and would like to purchase a house in Illinois within a year or two. I’m single and don’t plan in having another veteran move in with me. Can I still get approved for a home if it’s just myself? Thank you.
@Matt: Absolutely. I’m happy to put you in touch with a loan officer I trust if you’re interested.
OK here ya go the va gives you a paper saying they will cover you up 2 a certain amount then you apply for the loan through a seperate entity depending on your credit scire and a few other factors might limit what u can apply for and up to it is up to the bank if they preapprove you most will work with you a few like for you to have something picked out the may to do it is get an idea of the max you would want to spend on a home get prespproved up to that then you have your purchasing power to negotiate with.
OK was reading through some of your stuff for pre requisits for applying for a home loan im currently in the military but plan on being self employed once i get out what are the standards for proving income in that type of situiating when applying for a home loan? Would i need to be self employed a year and show a W2 or would some other ducumentation sufice?
You would need two years of tax returns.
could old one be used if it was a profession i had held before i joined the military to show estimated earnings earnings in that field
Good info!
I recently found a great place with a great price. does the realator have to be affiliated with VA for me to borrow money on this home? And is any home in any state thats for sale able to be bought with a VA loan?
@Daniel: Finding an agent who knows VA loans is always a good idea. But agents aren’t in any way affiliated with the VA. You can also check with Veterans United Realty, which is a national network of agents who routinely work with VA borrowers. Their number is 800-884-5560.
Can u use a VA loan to refiance ?
@74492f3bd617e06d891ba7f6a7082a09:disqus Yes, the VA has two major refi options, the Streamline and the Cash-Out. You can talk to a refinance specialist at 888-212-1958.
Yes. We’ve done it.
If I was approved for more than the house is selling for, would i be able to use the full loan for upgrades that i may want in the new house?
@Tlatomcat33: No. The lender will fund whichever is less of the purchase price and the appraised value.
I got denied a VA loan due to bad credit. Where should i go from here?
@Pepperann201: Contact our Department of Secondary Approval at 888-392-7421. They work with veterans to build a plan to raise their score and prequalify for a loan.
My questions are as follows: 1. We have been approved for a VA Loan. Purchasing a short sale. I have told the lender that we are not subject to the Funding Fee because my husband gets disability from the VA.
In the cost estimate sheet it appears. When I told the man again his response was cross it out.
2. Our insurance policy that is in effect 4/12/12 (H.O.) is $733.00 per year. The amount put into the cost sheet is $1200.00. 3. We paid upfront $430.00 to cover the credit report and Appraisal and nowhere does it show this credit.
Am I getting upset over nothing? Will the actual figures take effect on the GFE? Or do I need to call the VA and let them intervene on our behalf?
Thank you.
@Cariann: If you’re still grappling with this email me at chris@vu.com.
Can you use a VA loan to refinance? We owe more than our home is worth. We live in Oregon.
@Carrie: You can use a VA loan to refinance, but it will be difficult to find a lender willing to do so on an underwater mortgage. You might want to check with your state’s vet loan program: http://www.oregon.gov/ODVA/HOMELOANS/
2 years of rental history proof if you own another home….would have been nice to know this. I can’t get a loan because my other house has only been rented for 14 months so the morgage can’t be washed from my DTI numbers.
Ok, so we got a va loan on first home 14 years ago. Then 4 years ago, we got 2nd va loan on our a larger, newer home, closer to work to accommodate our family that had grown in the 10 years. Now, 4 years later the first house has still not sold. Work has cut back so much in the last 18 months that I don’t think I will be able to make the payments any longer on t
he first home. What are my options now?
Chris:
Good work you do. Thanks for assisting us VETS.
Johnny
Thanks, Johnny. It’s an honor.
My husband is a vet and our home is mortgage free, can we get some kind of loan thru the VA to put a pool in? Is there a home equity loan available. We would rather borrow thru the VA program .
The economically disadvantaged Veterans of all eras often have to rely on lower cost housing that often means manufactured homes. I bought a “double-wide” manufactured home along with six acres of beautiful wooded land. The VA would not loan or approve this property for a VA loan and I had to rely on a mortgage lender that traditionally preys on the poor. I had to accept a loan at a higher interest rate and pay mortgage insurance. I have lived in this home for 8 years. I tried to refinance through a VA guaranteed loan program to lower my interest rate and make my payments more affordable. When either my wife or I pass away, the surviving spouse will surely loose our home with the existing interest rate and payment at its current level. Still the VA discriminates against the least economically advantaged of us Veterans and refuses us access to a VA guaranteed refinance loan still. Thanks America !
@donschneider:disqus Email me at chris@vu.com, and I can send you a list of lenders that at least used to loan on manufactured homes.
i would like to get that info for the state of louisiana thx
I too have experienced problems trying to utilize my VA benefits. The crux of the issue is the mortgage lenders that issue the loans hold veteran borrowers to a tighter standard, due to the lack of initial investment on the part of the borrower (0 down payment). In the eyes of the lenders, this positions a typical veteran borrower as a much higher risk for default, as they have no monetary ties to the property. I learned the hard way that the VA only serves as a rubber stamp AFTER a lender gives its approval, and has absolutely no authority to intervene on behalf of those it is supposedly there to support.
This is an issue that strikes a raw nerve with me. Considering the sacrifices all veterans make, it is ridiculous to put them through such rigamarole to acquire the most basic of human needs: a place to call home. I feel it is a giant slap in the face to veterans to humiliate them in this fashion. Where are the grandstanding members of Congress who like to wrap themselves in the flag and boast about how much they “support the troops”? They alone have the ability through the legislative process to correct this ongoing travesty. However, I don’t see any action favorable to veterans concerning this matter due to the presence and power of the banking lobby, which has the ability to influence such decisions via nice campaign contributions. Congressmen seem to like to use their relationships with banks to arrange extra sweet deals for themselves; how about flexing some of their muscle to actually benefit people other than themselves?
Michael, just shop around with different loan institutions,
I have also had this problem and still have not found anyone, I agree with the top that lenders hold veterans to a higher standered and that makes a lot of us out of the running to acquire a loan
do I qualify for a VA loan if my Dad was in World War II. I’m single and on disability and wanted to check. Thank you, cls
No, this program isn’t available to military dependents or other relatives other than some surviving spouses.
I had to do a short sale in or around 2009. Recently applied for Cert. of Eligibility and was advised I do not meet the requirements of the law for restoration because VA suffered a loss of 54,140 in connection with prior loan. Question is will I ever be able get another VA loan. How and When if possible?
If you pay the $54,140 you will be eligible for another VA loan.
@Jaymorway: You may not need to pay back that loss in order to get another VA loan. It just depends on how much entitlement you have remaining. The only way to have your full entitlement would be to repay that money.
What is the required minimum percentage of “Disability” in order for the Funding Fee to be waived?
Are interest rates always lower with a VA loan vs. conventional?
@morningstar: A 10 percent rating. And interest rates fluctuate daily, often multiple times during the day. So it’s tough to say for certain, but a VA borrower with a 620 credit score can get rates comparable or better to what a conventional borrower with a higher score would get.
Can I use the Va loan to refinance, if Im underwater in my home? I live in Virginia.
@Jesse: Do you have a VA loan currently?
My husband is a 100% disabled vet and I just graduated graduate school and start a new job nest month. I had to file bankruptcy just by myself but was told since we live in a common law state we have to wait 2 years to buys a house. Is this true? Why can’t we just have the home in my husband’s name for a few years?
@L_: In common law states lenders can consider a spouse’s credit and income situation.
@L_: In common law states lenders can consider a spouse’s credit and income situation.
we have a 1 1/2 yrs left on bankruptcy. can we still apply for va loan now
@Barbara: You can apply, but you won’t be able to secure financing. I would spend that time working on your credit score.
I am 65 yo Vietnam vet who has owned and paid off 2 homes. In 1995 I had a major heart attack (VA hospital gave me the wrong meds and told me the MI was only anxiety discomfort. Since then, every time I have pain I think its a heart attack. My PTSD and anxiety caused me to make bad decisions and my credit score dropped to 610. I can raise that to 620 or 640 in a month or less just by finding mistakes. Is my chance to have a VA Loan as guaranteer OK or should I buy an old mobile owner financed by owner? I can buy a small home in my area for $90,000. Can the VA insure the loan if I die. I figure the home can be owned and guaranteed, for approx $200/mo? Currently we pay $1200/mo as renters since 1998 which = $153,200. There must be something better or do people give me bad advice because I have PTSD/Anxiety or, an unseen disability. Please help or refer this note to someone who can ?
Thank You
Michael Pike 401-683-2638…28 Founders Ave., Portsmouth, RI 02871
@Michael: The VA doesn’t insure loans for borrowers; it insures a portion of them for lenders. You could purchase a home and then to look to get mortgage life insurance. You may also be able to find a VA lender who will loan on a mobile home, although they’re getting tough to find.
Greetings:
I am also looking in the Poconos for a deal. The VA screwed me up with malpractice and I lost my ability for decision making. I went from a $80,000 job to less than $30,000. I can easily afford the home I like but its not about numbers, is it? If the USA cannot make a dime from me in a bigger way, my paperwork is shredded?
Hopefully we can hit some lotto money and leave the country.
Good Luck My Friend
Mike, Combat Medic, 7th Cav
#1 If the VA approved loan charges 2% of the loan amount as a fee, then it is the aquivalent of points and that does not benefit the Veteran, but, makes it more expensive.
Many banks and mortgage companies do not have points.
#2 The VA loan should allow ALL others as co-borrowers as two incomes are much easier to pay back and the property would be in both names.
#3 A borrower should be able to have “Mortgage Insurance”. Not for the skimpy non-sensical reason stated above, but, rather for security to the borrower’s family if the borrower should die before the loan is paid back.
#4 Why should a borrower (with a down payment) go with this a VA loan if only to be used as a pawn because, this company will only turn around and sell your mortgage paperwork/pre-approval to another bank or company.
@Wally: 1. The VA Funding Fee is a cost that other loans don’t have, this is true. But you can’t buy a home without putting money down on a conventional or FHA. Just part of the tradeoff.
2. Those are just the current regulations. Spouse or another veteran.
3. You’re thinking of mortgage life insurance. Private mortgage insurance (PMI) is something else entirely. You’re not precluded from getting mortgage life insurance. PMI is what you have to pay on a conventional loan if you can’t make a 20 percent down payment. It’s a protection for the lender, not the borrower.
4. Most mortgage banks sell some or all of their loans to investors. They sell finished loans, not preapprovals or paperwork, and you may get a loan from Bank X and send your mortgage payment to Bank Y. This isn’t unique to VA loans.
I am trying to obtai a VA loan. They say that the credit score should be at least 620.
I was denied, but my score is 645.
I earn 52,000.00 plus a year, our extra income is 12,000.00 per year.
My wife hires out her Siberian Huskey for breeding at 700.00 per service.
Why were we told no loan.
we MUST have a place by September 1st.
I own my home outright and would like to rent it out to my daughter and purchase a second home with my VA loan and occupy it. My Lender is telling me this is a no-go, that my current home although paid off can only me rented to non-family. Is this true?
Audrey if you can qualify for the taxes and insurance on the home your daughter is moving into and the new loan you don’t have to worry about proving her rental income!
@Audrey: Talk to one of our loan specialists about this at 888-212-1958.
We recently applied for a first time home buyer/ va home loan and were told we may be required
To put 5% down payment. Due to fact we had a federal tax lien of $48,000.00 and 2 small medical bill collections on credit!?? Federal tax lien was on installment plan for past 2.5 years and never missed a payment and we paid off in full four months ago. Our credit score is a 689. Our gross annual income $112,000.00 and Debt to income ratio at 17%.I’m confused as it seems we are meeting all the requirements and whole purpose of using our va loan was to avoid down payment and low interest, so why are we being asked to put 5% down?? Please help make sense of this it’s making me crazy all the hoops we have jumped through to prepare for home ownership to feel like we have gotten nowhere.
Thanks,
Vsapeach
@Vsapeach: Sounds like a lender requirement. Have you checked with other VA-approved lenders?
Want to buy home in a different county than I work. My family needs to be close to relatives for support and getting work. I am military retired and secured employment in a high priced area that is not financially reasonable to buy in. We decided to purchase a home in the county my wife grew up in so she could take care of family needs. I would commute on weekends about 5 hours. This is our goal to own a home a less expensive area. Need help with a mortgage that will work. VA a problem even though we are saving over 100000 buying a home in another county. Pre-approved for much more but do not want to spend. Does anyone have an answer to a loan buying product that can help?
I’M A 100% DISABLED VET CAN I GET A VETERANS HOME LOAN WITH A RELEASED FEDERAL TAX LIEN.WITH A CREDIT SCORE OF 740
@J. Hunter: The lien is no longer on the property for certain?
Iam on ssd but wife works can I still get a v a loan to buy a house
@Herb: It’s certainly possible, and will depend on your credit and income positions. You can talk to a loan specialist at 888-212-1958.
My husband is in process of seperating medically from the Army and has a great job lined up in Texas. Can we get a VA Loan immediately or do we have to wait a certain amount of time to show stable income?
@29a23d3d06e6534f6f42c505de7c5671:disqus : You may be able to apply now, depending on the nature of his job. If it’s similar to what he was doing before or relates to his MOS/training/education, you could get a lender to move forward.
I hope you are moving to DFW area – we have the best VA hospital in the country . I would be dead by now if it was not for them. If your husband is a Texas vet, we also have a Texas State program to help buy a home.
My wife just recently filed bankruptcy for debt she had before we were married. Will this affect me getting a VA loan especially since we live in a common law state? When applying we were going to use my income only.
My question is if a mobilized Reservist who otherwise meets all requirements to qualify for a VA loan can get approved even if he only gets 6 months active duty orders at a time. I have been on active duty orders for the last 4 years but only receive the orders in 6 month blocks. Thanks for any information.
@Reservist: Ninety consecutive days on active duty is generally all you need.
Hello! I am pre-approved with a VA loan and have found the house i want to buy. The question is whether or not the VA will approve the home. It is in a small private community and all the houses are on solar power with generators as back up. They all have septic systems and water. They also have propane for heating and appliances. Other homes have sold recently in the community, but not sure if any have been bought using VA. Can anyone help me with this Question? I spoke with some VA lenders and have researched this, and it doesn’t say anything about NOT approving this type of home, and all the lenders don’t think it should be a problem. Can anyone confirm this?
@Jimsam: If there are recent comparable sales and the home meets the VA’s Minimum Property Requirements, you should be fine.
Is it possible to get a VA loan when our income based on our SS only since i am at retired age and my wife receives SS pension due to our child under 18 years old. Our annual income is $53,000+ with 659 credit score. Had filed bankruptcy 20months ago and will be out from it this November. Hope to hear your response regarding my concerns. Thanks a lot.
We used our VA loan to purchase our first home, we had a horrible real estate agent who only looked at our ages at the time even though we qualified for nice homes in the area. We no longer lilke the area we are in (we lived 5 hours away when we first purchased so we didnt know the community or city) How do we go about selling our home and trying to use our VA loan again?
You can put your home on the market yourself or find a real estate agent you like and trust. Call a loan specialist at 888-212-1958 when you’re ready to learn more about or start the process of prequalification.
Need answer asap please! My house has sold and it will be closing in two weeks. The payoff, according to my mortgage company, is $92,000 – but the VA says, no, they are going to require $104,000 so they won’t lose money on the sale. Huh??? Even my realtor is completely confused. Have you ever heard of this? We borrowed $116,000 18 years ago. Help! They want all of our profit!
I currently have a conventional loan on my house. We are building a new house and wish to apply for a VA loan. Additionally, we want to keep our current house to rent out. Will this be an issue in qualifying for a VA loan?
It will be a consideration but it doesn’t mean you can’t get a loan. You would need two years of tax returns as a landlord or a 12-month lease and security deposit to use rental income toward your new mortgage.
Can I buy a home in SC and use my VA ? I will not be living in it, My son who is active duty AF will be? we are currently serving overseas
It’s possible now that new legislation has passed. Before only a spouse could fulfill the occupancy requirement.
I would LOVE to know what the new legislation is that you are speaking of, if possible? We have 10 years remaining before we retire and we want to purchase a home now. My father is retired from Army and lives in Florida with my Mother and Grandmother. We were hoping to purchase a home together so that in 10 years we could live together. Everything I read says that the home has to be our primary residence, however we live in Virginia and won’t be able to live in it until Hubby retires from Army. So, is there a way to buy a VA approved home under our VA status and have my retired father on the loan as well? He owns a VA home in Arkansas, but is renting it due to having to live in FL for my Grandmother’s well-being. Any information would be GREATLY appreciated.
Blessings!
This may be something you can work out. It would depend in part on how much VA loan entitlement your father has remaining and what his credit and financial situation is like. You can talk to a Veterans United loan specialist about what might be possible at 888-212-1958.
My Father is Vet and had a VA Loan , he passed away on June 23rd of 2012 , he left the House to Me and My Sister , its Mortgage is 1600 plus a month 15 yr Loan 2% interest rate , are we able to continue to pay this Mortgage and keep it in the name of my Father and keep the VA Loan
VA loans are assumable. But I don’t know about keeping a mortgage in the name of a deceased person. Probably want to talk to an attorney about that.
My husband had a VA loan that he walked away from about 14 years ago when he went through a divorce. We thought he no longer qualified based on that bankruptcy. Is that correct or can he still be eligible for a VA loan?
Scully: That doesn’t disqualify him. He can check with a loan specialist at 888-212-1958.
I served in the army reserve from Jan 69 to Oct 74 and released with honorable dicharge.I need to lower my mortgage rate. Can I refinance? my age is 65
It’ll depend on a few factors, including your credit score and the value of your home compared to what you owe on it. You can talk to a refi specialist at 888-212-1958.
in 1995 we were granted a Va loan for a home that was eventually foreclosed on, my husband is now a disabled Vet are we eligible for another loan for housing?
You very well may be. It’ll depend on how much VA entitlement he has remaining.
I remarried a year ago. My wife owned her home before we married (title is in her name/conventional loan is in her name only). We want to refinance to a VA loan, but Wells Fargo says we can only do a 90% refi. Can she “sell” the home to me so we can get 100% VA financing. She will have to be a co-signer for us to qualify under the debt-to-income requirement.
@Us: Wells may only do 90 percent LTV on a cash-out refinance. I don’t know that you would be able to get them to go any higher. Some lenders can do 95 percent and even 100 percent LTV.
Chris,
I plan on building new construction using the VA loan in a different state than I am stationed. I will be getting out of the Navy in 10 months, but will close just before I get out. Will the lender require me to show verification of new employment at close? Or as long as I am currently still Active Duty at close, do I need to disclose that I am resigning my commission?
Since you’re under 12 months, a lender is going to want to know about your employment post-separation.
How long do you have to wait if you just finish with bankruptcy?
@Michelle: Two years in most cases.
I would like to buy a single wide mobile home (new) and put it on a piece of land that I already own, (unimproved ) meaning i would need the loan to cover the improvements as well. will this loan work for me and what all does it entail
@Thomas: The problem right now is finding lenders that will loan on manufactured homes. Email me at chris@vu.com, and I’ll send you a list of companies that used to do so.
can i get a VA loan with my grandfathers service in wwII. He has since passed away but i do have his discharge papers.
@Alicia: No, this benefit does not extend to military dependents.
My husband and I are both full time National Guard technicians with 700 credit scores. We are currently trying to sell one home and living in another one with seller financing. Can we get a second mortgage with a va loan?
When you say second mortgage, do you mean to purchase another home?
I lost a certificate when I was discharged years ago for a 20,000 dollar VA guaranteed housing loan. Can I get a copy somewhere? ( what address). Or do I not need to physically have it.
You might look into filing an SF-180 (Military Service Records Request Form) to get your DD-214 (among other items), if it was on there. The local DAV or even the VA may have copies of the SF-180 for you if you cannot find online and print it, but it has to be faxed or mailed to the fax number/address on the form. I’ve pasted a location that will redirect you to the SF-180, it normally prints to a 8.5″x14″ so you’ll need to shrink to fit for printing if your printer doesn’t conform to the size. http://www.archives.gov/veterans/military-service-records/
If it was not listed on the DD-214 and you can or cannot recall which form it was on, you may want to speak to the DAV to figure out which form needs to be filed to request a copy of the certificate, if it is still available.
I was a first time home buyer and was interested in purchasing a home back in 2009. The agent told me since I had a service connected disability pending, I wasn’t discharged yet. To go ahead with the loan pay the VA funding fee, and show proof later on and the funding fee would be reimbursed. I separated just 6 months later with 60% service connection, made the call to the VA and was denied reimbursement. My injuries were dated back to 2008 when I served in Iraq. I had to purchase a home before I got medically discharged to show my employment history and have a place to live after separating. Is there anyway I can get reimbursement? Its over $4,000 that was spent.
If it’s not it writing it didn’t happen. Always remember that for anything in life. Does seem pretty sketchy that they wouldn’t give it back. Good luck on the recovery.
@David: You should be able to obtain a refund. Contact your nearest VA Regional Loan Center: http://www.benefits.va.gov/homeloans/contact_rlc_info.asp
first in all ask question all the time we almost face foreclosure and we have to contact different places and nobody help us in all until we found a private company name NACA
if we save our home everyone can do that
https://www.createspace.com/3928326
Can a VA loan be used to buy a property that has acres attached? I have been searching the VA benefit website and haven’t been able to find and answer. Thanks
@Bridget: Yes, but it can be difficult regarding the appraisal. It’ll depend in part on how many acres and whether there are comparable properties.
After 10 years in the Marine Corps I came home and took over a partnership in the family construction business that has been around for 25+ years. I have been told by every bank I talk to that because I am self employed now I have to wait 3 years before I can become eligible for a home loan. Do you know any other avenues I can try or is the va home loan guarantee not really a guarantee?
@Will: It’s a guaranty, not a guarantee, which is different. A guaranty is basically a financial pledge, which is how this works — the VA promises to repay a portion of the loan if a borrower defaults. You may be able to secure financing with two years of tax returns and associated documents.
Why is it that buying a Condo is so questionable by VA? Realators “squirm” when you say VA!!
I served in the Air Force from 1975 to 1982, am I still eligable to have a VA loan still?
Once you earn these benefits you have them for life.
I was not in the military; however, I was in the construction industry for 25 years. For those of you with “complaints”, word of advice: A VA loan is like any other mortgage–you need to do your homework. You need to be sure that you can actually afford what you are buying–you need to think to the future to make sure if anything happens, you still have a way to retain your house. But mostly, DO YOUR HOMEWORK. Talk to a VA mortgage lender FIRST before you even start house hunting so you only look at those properties that the VA will loan against. This is just common sense and will save you a lot of emotional and financial heartache in the future.
P. S. I might also add that even though you think you have all the facts, please double check. While all loan officers do a good job, there is still misinformation and misunderstanding. Check and recheck. You will be glad that you did.
CAn a spouse of a Veteran use a VA loan if her husband is dead?
Some surviving spouses are eligible. Generally if the spouse died in the line of duty or of a service-connected disability.
I was told I can use my VA loan once I raised my fico Score to 620 I did finally but now they giving me the run around and saying now I have take off negatives on my report caused by my ex wife s there another way I need a house I want to own not continue paying rent to a house to another owner
can you get a morgage for a manufactured when you own the lot
Email me at chris@vu.com, and I can send you a list of companies that used to loan on manufactured homes.
would like to know how i can get a va loan to help me with a lower rate then what i have now. the banks stated that i own more than what this house is worth, i am a retire marine with 10% diabilty and if i can not get A LOAN OR HELP then i well have to forclose on this place
Do you currently have a VA-backed loan?
Ok, so I am a first time buyer with some credit history issues and bankruptcy following divorce in 2003. I have worked very hard to rebuild credit in the following years, with increased effort in the last 4 years. I am currently at 657, 623, and 613(Equifax not showing installment histories. I was approved for a FHA 203K @ $132,000 on another property, but decided against it. The property we are currently working towards we decided to do my VA straight forward for 122,400 (including funding fee) and today the same lender tells us that they probably won’t be able to help us because they received a “refer” from underwriting. Really??
I’m planning on moving to Mexico, can I use the VA loan program to purchase a home there?
No. It’s only for the U.S. and its territories.
What if your credit is not that good?
I was told by a rep you have to have at least a 620 but they will work with you and go over your credit report with you and tell you what to do to get your score up…that’s what I’m in the process of doing now…
Terry call up and they can tell you right away if you can get the loan… they’ll pre-quialify you…. it’s easy, takes just about trn minutes.
Go for it …..
i pay pmi on my va loan… should i question the bank?
Uh, yeah.. IIRC that is illegal?
@c2b9a02992e70f934d0aa8bf4bd4923a:disqus: There’s no PMI on a VA loan, so I’m not sure what it is you’re paying.
Chris alot of bank employees don’t understand VA loans even dough they are loan officer.
Yes, VA probably will catch that one an roll it into your mortgage.
I qualified for a va loan back in the early 80′s while still on active duty, maybe
because I had re upped by then. DIdn’t use it then as we had enough down
payment for a conventional loan. Just used the va guarantee three years
ago to purchase our current home. Glad to hear you can use it again if
your currently not paying a mortgage.
I am a disabled Veteran getting 70% disability rating. I have not worked since May 2011.
In 2000 my wife financed a 1999 reposessed moble home. We live in a Mobile home park and rent the lot. Can I get a VA home loan to refinance for a lower rate?
Email me at chris@vu.com, and I can send you a list of companies that at least used to loan on manufactured homes.
After working with a reputable mortage company (by the way is the original loan holder) for 6 months to re-finance our home, we were turned down with a “sorry”. We were told that VA will not mortage a home that is in a Trust. We offered to remove it from the trust and after the re-fiance we could put it back in. Apparently that can’t happen either. They had all the facts and we were waiting for the appraisal which would appraise at least 100 K higher than our payoff. Every cent extra we could pay went on the principle, to decrease our loan with the same company we are re-financing with! Now we can’t take advantage of the wonderful low interest rates. No way to treat a veteran, let alone a 100% disabled one.
I was discharged in 1988 do I still qualify for a loan?
If you earned the benefits back then you still have them.
About six years ago my then boyfriend (now husband) almost lost his home (purchased with a VA loan) due to foreclosure. Thankfully he was able to coble enough money together to save it and in the process he paid every penny that the bank was asking for at the time including all their extra “processing fees.” However, several years later a $5k charge started appearing on his mortgage statement. When he called the bank they said it was because they didn’t charge him correctly while they were trying to foreclose. Can the VA help us fight this charge? Is it even legal for a bank to come back years later and try and charge more money for a foreclosure attempt? I would like to pay a little extra on the mortgage each month but the bank (Wells Fargo) refuses to put it towards the principal and use it instead to pay on the $5k. Any advice on this matter is much appreciated!
Betsy: Contact your nearest VA Regional Loan Center: http://www.benefits.va.gov/homeloans/contact_rlc_info.asp
IF you receive service related compensation, you do not have to pay the financing fee. This will be stated on your VA Home Loan Guarantee Letter of Eligibility that you can get from the VA website. Also, the new way the VA portal online is done, your VA letter of eligibility will be stored online so you can always download it in case you lose it.
I want to build a custom home. A local bank does VA construction loans but the local bank wants me to bring 20% to the table! Is this a true VA construction loan?
The builder may require a deposit, but I’m not sure why the bank would if it’s really a VA loan. You may want to consider finding a short-term construction loan from a builder or other financial institution and then finance that loan into a VA loan. It’s called a construction-to-permanent.
we found a new home that was being constructed and for what ever reason is on the market leaving the buyer to finish. it’s basicly done except finish work inside; flooring, woodwork, cabinets, fuacets, lighting fixtures. is it possible to get a VA loan for the cost plus extra to finish it?
Scott: No. The VA wants homes to be “move-in ready,” and buyers aren’t able to make any fixes necessary for the home to make it through the appraisal process.
we found a new home that was being constructed and for what ever reason is on the market leaving the buyer to finish. it’s basicly done except finish work inside; flooring, woodwork, cabinets, fuacets, lighting fixtures. is it possible to get a VA loan for the cost plus extra to finish it?
What about credit?? I’ve read in some post that credit scores don’t matter and other post that you have to have a median score of 620. Which is it?? Unfortunately my ex really screwed up my credit and I’m slowly getting it back up and I’d really like to buy a house!
It’s at least a 620 for most lenders. The VA doesn’t have a credit score requirement, but lenders do.
Funny thing. My credit sucks these days, never used to. Applied for a VA loan….and was told about bad credit. When in Vietnam, along with thousands of others, took a couple of rounds in the ribs and chest area, plus shrapnel, legs and back. They didn’t seem to care then if my credit was good or bad, as long as I could do their bidding. Pretty bitter about a game that only the rich win.
I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
what if your credit isnt tht great or if it’s bad ?
@Teddy: I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
My dad is 101 will be 102 Feb 2013 he hasn’t made his house payment
In a year. He says the bank said he doesn’t have to because he is a World
War II Vetrean. We’re trying to get conservatorship over him but its
A huge battle. Have u heard of the banks doing such a thing. The bank
Won’t talk to me because I have no legal documents yet. Thank you
For your thoughts.
Chris, I’m a 10% disabled retired (from military) vet. I work now as a civil service employee. I have a va mortgage on my home. My ex-wife had a foreclosure a year and a half ago on her home, while we were still married, but seperated (my name was on the mortgage too). My current credit score is 639. I owe 99k, but my house is worth 213k. I tried to do a cash-out refi, Wells Fargo denied me (foreclose), but said they will VA refi for what I owe. I have 4 years to pay my ex half of our home equity, so I’m making payments to her for 1153 a month. I’m living paycheck to paycheck now. If I could get a cash out, it would really help me. Any advice?
Tim: Call one of our refi specialists at 888-212-1958. You may ultimately need to wait until you’re two years beyond the foreclosure.
I’ve been told that it’s five years from payoff till you can use the v.a. Loan again. Is this true?
False, As soon as originating loan is paid off, you are eligible to use it again.
No. It’s actually possible to have two VA loans at the same time.
I was told that you can’t purchase a Double Wide home unless it is on a foundation only. Does anyone know if this is true. I was hoping to see it listed up top but they just said it has to be a residental home in move in conditions and no fixer uppers! any help would be greatly appreciated.
VA wants manufactured homes on foundations. Otherwise they may not be considered real estate property.
So if I’m trying to buy a fixer upper on 16 acres, with buildings, I may be out of luck?
Unfortunately, yes, it may be really tough when it comes to finding comparable properties for the appraisal.
does anyone know a lender for mobile homes with the VA? i cant find one here in california
I used mine once in 1986 but because a divorce the house was foreclosed. I bought a house in 2004 without a va loan. Can I use the va loan to do repairs on my house and how my credit would affect me getting it?
You cannot use the VA Loan as a home improvement loan, but you may be able to obtain a Cash-Out refinance and use the proceeds to achieve your goals. You can also utilize an Energy Efficient Mortgage (EEM), which allows homebuyers to finance up to $6,000 worth of energy-efficiency improvements. You can talk to a loan specialist about EEMs at 888-212-1958.
I thought VA loans only applied to a first-time purchase. My son’s first home is more than half-paid off through a land contract. Could he sell it to buy up to a different home and finance that one thru VA?
VA loan can be used as many times as needed (for his 1st-1,000,000,000 home loan) as long as the originating loan is paid off (You cannot borrow money on multiple properties (Some exceptions). If he has no loans through the VA and can get approved, he most definitely can finance one through the VA.
He may be able to if he meets the requirements. He can talk to a loan specialist at 888-212-1958.
Hi I need to refinance, I already have a VA loan with BOA. But I want a better rate. Who should I go with?
I am wanting to buy my first house with a va loan and I have no idea what I am doing please help me!
A loan specialist can walk you through the process at 888-212-1958.
FYI–there’s no funding fee for disabled veterans. We paid a funding fee by mistake with the first home purchase and received a refund. Every other home we’ve purchased (or refinanced) has had to have the paperwork redone to remove the funding fee. It’s usually fairly small, but considering all the “extras” thrown at you at closing time, it can make a difference.
You can rent out your VA home, but only if you have to PCS other wise your out of luck….
My V.A. loan was the best thing I ever did. purchased a home for 38,000 which was the minimum I had to be approved on. fixed up the home a little at a time. within 5yrs my home was paid for. No more renting. House is remodeled inside. Siding on the outside & the garage. basketball court in the back yard… Now it is mine for Life.. and now my oldest son is living there… Thank you.
I was medically discharged( they did not class it as a service related disability) after 5 months on active duty. Now that I am back home I’m looking into getting a house. Do I qualify for this type of loan? Or does the length of time I was in disqualify me?
You would need to obtain your Certificate of Eligibility to see. A VA lender can often obtain yours for you in minutes. Or you can use the eBenefits portal or mail a hard copy of VA Form 26-1880 (Request for Certificate of Eligibility). This page provides an explainer: http://www.benefits.va.gov/homeloans/eligibility.asp. You can talk with one of our loan specialists about a COE at 888-212-1958.
I’m wanting to buy a house in Florida because I intend to live there when I retire (not for another 10 years though) can I use the VA loan to buy the house now and rent it out until separation?
It states it it for primary residences only.
The problem is getting qualified. Being a veteran and serving this country. That is the qualification. No beacon scores, no guaranteed income because there is no such thing a person could qualify today and be fired tomorrow so why would that even matter? Make the loans 2% interest.200K max. This would allow the veteran to have a home cheaper than he or she could rent an apartment. Just let them have a home ! The are thousands of empty homes in America. Let them choose one, do the paperwork and they will figure out the rest. If the loan is 100K that is 200.00 month. He could make that payment even if he had to cut grass. Make the process simple. Get off this Credit things.Times are tough and people just need a break. I am a vet, I owe 150K on my home.The interest rate is 6 %..I can’t qualify for a traditional mortgage. If I had access to a non qualifying 2% loan it would lower my payment by 2/3..Give veterans the breaks they deserve after all when they were getting shot at, wounded and everything else you were home in bed asleep.
AMEN , My husband is a desert storm vet whom has applied and been turned down numerous times. He is disabled and has enough to afford the payment coming in. We dont know what the problem is.
Finally someone who makes sense! Thank you! We are right now trying to get a home through the Va home loan program and its taking forever we can’t qualify because our credit rating isn’t 630 or better but it’s 600 and where were they when our first house not covered under VA loan foreclosed they didn’t help us then….is there a law that says you have to have $8000 in the bank for a down payment and first months rent and a credit score of 630 or higher I can get an FHA or any other loan now faster than I can get a VA loan! I agree my husband is 90% disabled he fought for this country and got hurt I think he if anything most definitely deserves a home and I agree with all your statements that your right people can’t afford it! So many empty homes just let us have one and we will figure out the rest! AMEN!
Can we refinanced under a VA load?
okay my question to you is my credit is all not great can the VA help me witha loan okay even if im service connected okay
@Edwin: I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
I took out a Direct VA loan of $16,000 and after about 6 months the VA sold my loan to a private company in Houston Texas named Lommis & Nettleton. When I sold my house in 1971 after being transferred in my job to another town in Wyoming. I was told that because I did not use all of my loan and the house has since been sold again, am I entitled to apply for another loan now that I am retired. I retired from Federal Service in 2008 and I retired on a FERS Retirement Program. What are my options for a loan now I am retired?
David J Taylor
@David: You would want to get your Certificate of Eligibility to see what entitlement you currently have. A VA lender can often obtain yours for you in minutes. Or you can use the eBenefits portal or mail a hard copy of VA Form 26-1880 (Request for Certificate of Eligibility). This page provides an explainer: http://www.benefits.va.gov/homeloans/eligibility.asp. You can talk with one of our loan specialists about a COE at 888-212-1958.
I am being told that my fico scores have to be 620….is this true? Or is this all three credit scores? What lenders will not require a 620 to obtain my va loan?
Lenders will see different scores than consumers. They’re weighted for mortgage-related factors. Lenders will get three scores, one from each bureau, and typically use the middle one.
What is the first thing I have to do to get a VA home loan ?
The first step is getting prequalification and then preapproval from a lender.The first gives you a broad ballpark of your purchasing power; the second is more detailed and will include the amount the lender will extend you as long as certain conditions are met. Neither of these is binding. I’m happy to help you at least get prequalified. You can email me at chris@vu.com and I can directly connect you to a loan specialist, or you can call 888-212-1958 whenever you’re ready.
my credit score is 615,do i qualify
Right now lenders are generally looking for a score of at least 620. If that might be an issue, I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
We are in process of buying using a VA loan and the lender is say we will be paying a over 5000 in PMI ,MIP, Funding Fee. I’m confused.
There’s no mortgage insurance. There is a funding fee which you’re required to pay if you don’t have a service-connected disability. You can finance this fee, which means you don’t have to pay it up front and out of pocket.
can the spouse of a military member use the va loan if the retired members credit is wrecked?
No. Both would need to be on the mortgage, and each would need a qualifying score.
can you roll closing cost into your loan I was just told buy navy fed. we could not do this. so confused
Yes, you should be able to. We refinanced from BOA to Navy Federal a few months ago and rolled everything into the new loan.
Is this a purchase loan or a refinance. You can only roll the funding fee into your loan on a purchase.
Right now, VA loans are very attainable. Just ask!!!
My husband just retired but we can’t find a bank that will finance us because we dont have enough credit which sucks because we pay 975$ to rent a house when we can be paying that toward a mortgage
@Jen: Right now lenders are generally looking for a score of at least 620. If that might be an issue, I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
Stop the appraisers from being so conservative. I lost my Va loan on a new construction home because they appraised it at 40K less. It really screwed me!
If they don’t like were the house is you won’t get the house from V.A. I know it happen to me and it sick.
About my husband served his country and had an accident while on leave that left him in a coma and now he doesn’t get to get a VA loan but because his brain injury would not allow him to continue. He gets no benefits!
Have you been to the VA and talked to them personally, that doesn’t sound right. He should be covered because he is still enlisted. Go to the nearest VA hospital and talk to them at the VBA(Veterans Benefit Association). They can help you!
This info is very helpful for myself to apply for a VA Loan.
I recently had to short sell my house and am now renting. How long will I have to wait before I qualify for a VA loan?
I also want to know this answer. I can’t find this anwer anywhere on the net. I keep going in circles. let me know.
Thanks
Two years.
My dad made two attempts to get a VA loan for a house. The first time he failed because of my stepmom’s credit score. Now a year later she’s out of the equation and got the loan for a house.
We bought our home in 1994 with a VA loan and the interest then was 7.5%.. We refinance two years ago with a lower interest through our SECU bank at 3.75% using their loan and not VA… so do we still have our entitlement in getting another home using VA?
Yes, you should. These are for primary residences, so it couldn’t be a second home, a vacation home or an investment property.
Hi, what happens if you used your Va on a house you bought and found out it was a bad house cause everything was covered up, painted over and trying to sell it for 3 years and not selling And not getting anywhere with the lawyers. Yes we had a Inspection but he didn’t catch these things. and the VA didn’t come in the house at all, he just walked out side of the house. IF the VA saw and knew about the problems this house, this house would have never sold and we wouldn’t be in this mess. SO if we decide to go Short sale, Can we use the VA again? Right away or How long do we have to wait?
IF the VA KNEW of all the damages this house has the VA would never have approved the sale to go thru. But the VA pass it because they did not know–nobody knew but the sellers. The sellers had everything covered up. YES, we have the pictures to prove that. Now we are stuck and can’t get out out of this house by selling it cause no one want to buy it for $132,000 with all the damages there are. We don’t have that kind of money to fix it and we don’t have that kind of money to drop the price lower. And we need to sell it so we can get our VA back. so My question is about the Short sale. How long to wait to approve to use the VA again? Hubby has done his 20 years in the Air force , he got out in 98.
Is there a VA person who can come in here and see all this damages etc to help us get out of this mess. We are in Zip Code 78109. I get the run around on the VA phones. Its been 3 years , we put it right back up on the market when after we got the keys. House is pretty much empty, its still in storage going on 3 1/2 years now. HELP!
Do you have to have a job to get a VA home loan. I am living off of UIUC Financial Aid which provides the funds to pay for my apartment. Is this something that can be used to get a VA home loan on a house?
You can’t count education income toward a mortgage.
I was denied my VA loan because they said my credit wasn’t high enough.
@Chad: Right now lenders are generally looking for a score of at least 620. If that might be an issue, I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
I just started working full time again after losing my previous job 2 years ago. I was saving for a home, and at the time I never knew about how to go about a VA Loan, or even if I qualified for one. How long should I wait before seeing if I even qualify for one? I plan to buy a home in the next 2 to 3 years.
You may need two years of steady employment in order to qualify.
I am having problems with my VA loan process. I am disabled USMarine at 100% IU. Married with 5 kids. Only monthly payments i have is van payment utsomehow my debt to income ration is 54% so they wo’t qualify me. How is that even possible? Why does it matter how many kids we have?
Is the problem your residual income?
I am active duty and have a credit score of 740. Should I use VA loan program to purchase my first home or should I use conventional loan?
Your preference. You’ll need a down payment for a conventional loan and private mortgage insurance if you can’t put down at least 20 percent.
If approved for VA can you purchase a home without appliances?
It can’t be appliance-free. For example, it has to have a stove.
When do you pay back the VA Loan? And is it monthly or yearly?
You make a mortgage payment every month. There are different loan terms available, but the most common is 30 years.
is it possible to refi my va loan and take out an extra 25,000 to build a barn? the property is worth more than i owe.
It may be. Contact a refi specialist about a VA Cash-Out refinance at 888-212-1958.
How far in advance of buying a home should I look to get approved for a VA loan.
I typically think it’s never too early. But 6 to 9 months isn’t unreasonable.
I was wondering are there any other loans that the VA helps in? like car loans..I’m checking for a friend that is a soldier..thank you for your help barb
Unfortunately, no. The VA doesn’t issue loans.
I read in this article that you may be able to use the VA loan guaranty again, even if you foreclosed on a previous VA backed loan. This is my current situation: I have been in a home for over 10 years that was originally backed by a VA loan. Because of legal issues and my spouse moving out, I am in the process of foreclosing on my home. What will I have to do to be eligible for a VA home loan again one day once the foreclosure is complete?
Wait two years, rebuild your credit score and see how much entitlement you have left after the foreclosure.
I will hit twenty years in Feb 2014. I plan to retire at that time. I have been rated at 60% disable and proberly will be rated at 100% prior to retiring. My last month of working should be in November 2013. My wife is considering moving in Jun or Jul 2013. We plan to move to the Pigeon Forge, TN area. When do we need to begin looking for a house, can we have one built on location and funded by the VA?
You can start talking to a lender anytime. At the very least, you can get a sense of where you stand credit-wise. Right now VA lenders are generally looking for at least a 620. The VA doesn’t actually fund or issue loans. It’s tough to find VA lenders who will finance construction loans right now. It’s more common to get a construction loan and then refinance that into a VA loan upon construction of the home.
I just recently married an my wife is in a lot of dept due to trying to help her family out that screwed her over… 2 car repossessions an eviction on an apartment along with owing them 4,000 cause she co-signed for an apartment for her mother and some medical bills that she didn’t pay an student loans cause she didn’t have a job to pay them back…also she has a baby that isn’t mine. But can I still get a VA loan without her signing on to it? I am in the active military in fort Stewart and I just got back from deployment. Also how can she help her credit without filing bankruptcy. She’s only 21.
She doesn’t have to be on the loan unless you need her income. But if you’re buying in a community property state, lenders can and often will look at both credit scores, even if she isn’t on the mortgage. Right now VA lenders are generally looking for a score of at least 620. If that might be an issue, call our Department of Secondary Approval at 888-392-7421.
Hello, my husband served and I get paid as a stipend for my income from the VA Caregivers program. Will my income count?
If you’re on the mortgage and you have the proper tax documentation then it should.
I have been pre-approved for a VA loan. If I move into a new house for less than the approved amount, what happens to the remaining monies? If it’s only for the cost of the home, would I be eligible for a second loan equal to the unused amount originally pre-approved? If not, can I update my previous application to include the home improvement loan? What type of improvements does that loan cover?
Lenders will loan whichever is less between the purchase price and the appraised value. So there isn’t any extra cash to be had. You can’t build in home improvements into a VA loan, but you can add up to $6,000 to the loan amount for qualified energy-efficiency improvements.
I am 40yrs old, my husband passed away he was in the Army, I am a widower.. I have never used my GI bill, I was in a bad car accident and I am permantely disabled. My Mom is my care provider, I am needing a small home. My credit is poor but, I am able to fix my credit with some assistance. I am asking for help in doing this, I would be so thankful for any assistance that I can be lead into the right directions to purchase a small condo, or home…. Thank you my email address is angeliquediaz38@yahoo.com and would love to hear from your program. Angelique Diaz
Thank you I will call, and start from there, I am having surgery in a few weeks so just as soon as I recover /i will get on the ball..
My husband is a 20 year retired Navy vet, with 100% disability. We loast our home to foreclosure in Feb 2011 (conventionl loan) and had a bankruptcy completed a year ago in Oct 2012. After working hard at it, our credit rating is now back up to 670. We were told by a realtor that you can get a VA loan two years from the date of you bankruptcy. First – Is this true? Also are there any details involed in that we should know? Thanks! Carol S
Generally, lenders wouldn’t consider an application until you were two years beyond the bankruptcy’s date of discharge.
My husband is the one that has VA Eligibility. He is currently not employed and is going to school, but I have been employed for 4 years and have steady income. Would we be still be able to get a VA Loan? Or does the income have to come from my husband?
Marie: The income can come from you as long as you’re both on the mortgage. Lenders would look at both of your credit scores.
Chris, Thank you for the valuable information. I hope more veterans take advantage of the VA loan program.
Thanks, Kevin. You might want to check out Veterans United Realty if you work with military borrowers at all. They’re at http://www.veteransunitedrealty.com.
I have a conventional loan and woule llike to re-finance my home with a VA loan, is that a possibility? How can I find available qualified lenders in Amarillo?
ok used a VA loan on first house… refi without VA (so the VA loan was paid off in full) then I was forced retired and couldn’t afford old house it was forclosed on… how long do I have to wait to use the VA loan again?
You would need to wait at least two years from the foreclosure.
If I can afford the 20% down payment, will VA Loan still be better than conventional loan? Is VA Loan fee typically lower or higher than conventional loan fee?
You’d have to take a close look at rates and terms. You don’t pay the VA Funding Fee on a conventional loan, although if you have a service-connected disability you’d be exempt anyway. VA rates are competitive if not slightly better.
Some Realators have told me that VA loans are hard to get if the house needs any work. It will not pass inspection for a loan and you are out time and money when you try to borrow on
pre owned homes. I was always under the impression that if it was livable , safe and not missing any major components like sinks, cabinets and etc that the VA would approve a home loan. Is it true or is those story wrong.?
In general it’s true. Homes that aren’t move-in ready will have trouble making it through the VA appraisal process. It’s not a home inspection, but it does look at some broad issues that can involve health and safety. It just depends on the type of work you’re talking about. You can learn more about the VA’s Minimum Property Requirements here: http://www.veteransunited.com/valoans/understanding-the-vas-minimum-property-requirements
In 2008 my husband and I foreclosed on a home with a VA loan using his benefit, I was on the loan, I am also a veteran. Is my benefit still available to me?
Thank you
@Karie: It’s a question of how much VA entitlement you have left. Some of it is likely tied up in that foreclosed property. You would need to obtain your Certificate of Eligibility to see how much is remaining. That will dictate in part how much you can borrow without a down payment.
I am 68. Widow of 100% disabled vet who died of disabilities. Sold previous property due to two story and no downstairs BR. Put $ in bank. Credit score avg 800. Have cert of eligibility VA loan. BOA offering 3.25% loan, any type.
My concerns with using VA loan are the 2% funding fee and when my children inherit the property they will need to refinance it. How much time will the have to refinance or sell the property? What happens if they cant sell it for a year or more? If the property must be anandoned for lack of sale will that hurt my heirs credit? Will any monies left to my children be seized to pay off mortgage?
I want to use the VA loan so $ from previous sale can be used for grandkids college but i need to know answers to above questions, if indeed these have an answer.
You’ll probably want to talk to an attorney about a lot of these questions. You can roll the funding fee into the loan rather than pay it up front if that’s easier. Depending on the loan amount, you’re typically talking about adding a just a little more to the mortgage payment each month. Without VA loan entitlement the children wouldn’t be able to get a VA refinance, but there are obviously other types of refinance loans out there.
I know that with a Ch.7 bankruptcy you must wait a minimum of 2 years to qualify for a VA loan, but my understanding is that with a Ch.13 bankruptcy it is different. Would appreciate any help.
Tricia: The VA allows lenders to consider loan applications once you’re a year out from a Chapter 13 BK. But, in general, most lenders will wait until the two-year mark.
I purchased a home last august with VA financing. my income went up significantly after the purchase and i am already wanting to upgrade this summer.
1. Can I rent out the home I live in now under va financing and purchase a new home. If I cant, what are the penalties?
2. Can I buy my new home with VA financing before I sell the home I live in under VA financing.
Thanks,
Mike
@Mike: Both may be possible, but it’s going to depend on a few key things. You can talk to a Veterans United loan specialist about this at 888-212-1958.
I need some guidance. I own a house on about three acres of land. The house was built in 1957 and is in need of major repair, I am talking SERIOUS REMODELING!! Can I use my VA loan for this? I think I read somewhere about loans used to update your home to make it more “Green”, update the HVAC, better utilities etc. Or, would buidling another house on the land I alread own be an option? Or, should I just try to finance the remodeling/upgrade through the bank, and the use the VA loan to refinance?
@Raymond: You may want to pursue a Cash-Out refinance, which allows qualified borrowers to extract cash from their equity. You can build in up to $6,000 in energy-efficiency improvements. There is no home improvement-type loan option. The other scenarios could also work depending on your specific situation.
Apparently you can’t get a VA loan if you have a year or less on your service contract with the military. My husband has been in the Navy for 6 years. His contract ends in July and we are being denied the VA loan because of it. Our plans are to move to the town of the school he where he was accepted so that he can get his BS in Mechanical Engineering. Since he will no longer have his regular pay coming in he is considered too risky even though the GI Bill is paying for housing. I currently work, but because my husband is a geo-bachelor in Norfolk and I am in Miami my income doesn’t count. I don’t know what to do. We have a house we absolutely love with a signed contract ready for the money transaction but we have no loan. I am desperate and don’t know what to do. Thanks for any help or advice.
@Angela: Unfortunately, I don’t have any good news or advice. Lenders aren’t going to count education income as effective income toward a mortgage. Do you have a job lined up in the city to which you’re moving? If you do, and depending on the type of work and how it compares to what you were doing in Miami, you may be able to count your income from the new job.
My husband was only in the USAF for ten months before he was discharged (general). It was not during wartime. Can he qualify for a VA loan? Thanks for all you do!
@Michelle: He would want to obtain his Certificate of Eligibility to be certain. A VA lender can often obtain yours for you in minutes. Or you can use the eBenefits portal or mail a hard copy of VA Form 26-1880 (Request for Certificate of Eligibility). This page provides an explainer: https://iris.custhelp.com/app/answers/detail/a_id/1080. You can talk with one of our loan specialists about a COE at 888-212-1958.
My husband and I are trying to refinance both of our homes which are under the VA loan system. (I am not sure how they did that other than the total of both loans together was within a certain limit maybe) We have a tool through our online banking that allows us to plug in all the information and then it gives us an estimate on what our payments will be. However, the very first page, when I click that we want to refinance with a VA loan it says that there must be an existing lien on the home in order to be able to refinance. What does this mean? I thought liens were a bad thing to have on ones credit.
@Sandra: Did you pay off one of the mortgages?
Hi, I am a veteran and would like to use my VA loan eligibility to purchase a home with my husband who is also a veteran and be the co-borrower rather than being the primary borrower? My husband used his VA benefits to qualify for a va loan that we used to purchase our home in texas. Now that we live in Virginia we would like to use my VA benefits to qualify for a VA loan and be the co-borrower on it. IS this possible?
@Natalie: In general, yes, this is possible. It’ll depend on the specifics of your situation, including your remaining entitlement and the usual credit and income stuff. You can talk to a Veterans United loan specialist about how it might all work at 888-212-1958.
I’m a veteran… Can I use my VA loan to buy a house in Canada?
@Kristi: No, only in the U.S. and its territories.
Can I use my VA loan to buy a house in Canada?
@Kristi: No, the program is only open in the U.S. and its territories.
I am a soldier of 16 years and I have horrible credit. My wife has almost perfect credit and a great job. Can I be approved for my VA loan under these circumstances?
@Robert: No, you would each need a qualifying score if you’ll both be on the mortgage. I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
Have discharged VA backed mortgage in bankruptcy over two years ago, but continued making payments hoping to recover. Unable to continue making payments and have to relocate due to employment. Still have $160,000 unused VA entitlement. Do i wait two years after foreclosure is complete or since two years have passed since bankruptcy discharge, can I buy another home in new location? I get conflicting replies at VA office. Thank you for any assistance! You are such a wonderful person.
Thanks for writing. It’s likely to depend on the lender in terms of when the clock starts. You can talk to a Veterans United loan specialist about where you stand at 888-212-1958.
i received my certificate of eligibility and im starting the process of getting a va loan. my question is how long you have to show proof of employment to be considered for a loan.
It’ll depend on your specific employment situation and background. The gold standard for lenders is two years, but VA borrowers don’t always need to hit that benchmark. You can talk to a Veterans United loan specialist about your situation at 888-212-1958.
We bought property and would like to put a mobile home on it, Would a VA loan work for us?
@Sherry: It’s tough to find VA lenders willing to loan on manufactured homes right now. Here’s a list of lenders I know that have loaned on manufactured homes in the past. I’m not sure if any of them are still doing so, but it’s a place to start:
=MFG
=Bank of America
=Acceptance Capital
=U.S. Bank
=Suntrust
=Ally (formerly GMAC)
My husband and I are discussing buying a new home through the VA home loans program. We were wondering if we buy a house cheaper than what we are approved for if we can keep the difference to put towards buying new appliances and fixing things ect. TIA
Unfortunately, no. Lenders are going to lend whichever is less between the purchase price and the appraised value.
My wife bought our home, prior to our marriage and is the only one on her current mortgage. Can we refinance to a VA loan with me on the mortgage?
@Rick: You would need to pursue a Cash-Out refinance, which allows non-VA loans to refinance into the program. You can talk to a refi specialist at 888-212-1958.
Can I get a VA home loan if my current enlistment ends in 7 months? Would I have to wait 2 years in my next job to qualify for it? Thank you!
@Emily: It’ll depend in part on the employment you have lined up post-separation and how it relates to your MOS, education, work history, skills, etc.
My husband and I are both vets and we currently have a VA loan under his nameand I am the co-borrower. We may have to do a short sale once he is out due to poor job market here. He has a job waiting for him in Oh. My question is, could I use my VA Loan benefits without having to wait two years to purchase a new home?
Not if you’re a co-borrower on the mortgage.
I had a VA loan foreclosed. I have never received anything to let me know what happens now that it was foreclosed. In order for me to use this benefit again, do I need to make sure that the other loan is paid off first? The amount that was left over after the bank did a short sale was around 50,000. Is this what I would have to pay back if I want to use it again? Or can I try to get wrapped up into the new loan?
Thank You
@Robert: You don’t necessarily need to pay it back. It depends on how much VA loan entitlement you have remaining. Some of it will still be tied up in the first property. You can talk to a loan specialist about using what’s called your second-tier entitlement at 888-212-1958.
Wanted to know if a VA Loan is good for purchasing land only. Please e-mail back
Thanks
Chris
No, this isn’t something that’s doable. A house has to be in the immediate mix.
Question: is a VA loan transferable to a step child, if the Veteran has passed away and his spouse is financially unable to purchase due to disability? (my step dad was a vet, he never used the benefit, and my mom is on social security, retired due to disability? )
Also, if it is usable by a step son, can it be reused by another child after the loan is refinanced non-VA in couple of years?
@Robert: VA loans are assumable. It would likely require the approval of the VA. You can talk with the lender about assumability.
By assumable do you mean I can purchase a loan using my step dad’s VA eligibility, since my mom never did? Or do you mean she would have to buy then transfer the already existing mortgage over to me?
@Robert: Individual VA mortgages are assumable, provided the VA approves. That means a person essentially takes over the mortgage and the mortgage payments from a VA homeowner. But that’s for a particular property. VA benefits themselves don’t transfer, so you can’t use someone else’s loan entitlement to purchase a new property.
Our current home was purchased with a VA Home Loan. We’re interested in moving in the near future and are considering refinancing our current home so we can use a VA Loan for our next home. Would you consider this a sound decision?
It’s tough to say without more information. I would recommend you talk with a Veterans United refi specialist at 888-212-1958.
i have about a 520 credit score so obviously that must be boosted to qualify as i have read so i will contact the secondary as you mentioned, however, i am service connected at 50% does or can that help me with this and have it set up to automatically withdrawn from my va compensation therefore alleviating some of problems my credit would be/is causing me.. to go further i have a house land contracted and have been paying for a few years, and have it half way paid off…
@David: I don’t know about the automatic deduction, and that might be something to talk to the VA about. As far as your disability status, you would be exempt from paying the VA Funding Fee. Depending on where you live, you may also be able to obtain some property tax breaks as a disabled veteran.
My husband just got out and is on unemployment. I go to school full time, but and graduating within the year and I work part time. We really want to have a place of our own, and we have our eye on a property that is 250,000. I believe his credit is at least 620, but we probably don’t meet the income requirements is there any way around that?
@Sara: No, you would need to meet VA and lender requirements for debt-to-income ratio and residual income. Sounds like that would be difficult.
I have not used the VA home loan yet. I just recently finished college and it looks like I will be getting a pretty good job in a couple of weeks. I am hoping to buy a house for my family and I if I get this job. But I was wondering, do I have to be employed with a company for a certain period of time before I can qualify? Or once I get the job and get my first paycheck will I possibly be able to start the process?
@Brandon: It often depends on the type of work you’re doing and how it relates to your previous job or military service. I know we’ve had borrowers get approved before they’ve even received a paycheck from their latest job. One of our loan specialists would be able to dig into your specific situation and give you a better idea. You can reach them anytime at 888-212-1958.
My husband and I are both disabled veterans. He’s 30% and I am 50%. I was wondering if we could refinance our house thru the VA to include a personal loan that we got to put in an inground pool. Our goal is to have 1 monthly payment. Right now we are paying our mortgage and a seperate payment for our pool. Also, our homeloan is already a VA loan. We both have a good credit score (above 620).
@Samantha: You can’t get a personal loan as part of this, but depending on your equity you may be able to get a Cash-Out refinance and ask the lender to use the proceeds for this purpose. You can talk to a refinance specialist at Veterans United at 888-212-1958.
I currently have a VA loan in Memphis but may have to move to Nashville for my job. Can I have two VA loans at the same time if I still have entitlement left? We wont be able to sell the house in Memphis was going to rent out as its not worth what we payed in 2007.
@Chris: You may be able to, as long as the entitlement is there and you can qualify in terms of credit, income and the usual. You can talk to a Veterans United loan specialist about what might be possible at 888-212-1958.
Thanks for your work Chris. Two years of questions answered on here.
Anyway, here’s my scenario.
We bought our fiest home in November 2009 usong va loan no problems. In november of 2012 we purchased my in laws home and they moved into our old home. Tjwy couldnt get a loan so now they “rent” from us until they can get approved for a loan. we dont make money off of them though.
So right now we have two mortgages. The awcond is not a va loan therefore we have PMI. Its about 200 pemonth and will take about 10 YEARs to get rid of.
My question is, is there any way we can refinanceur second mortgage by using a va loan while at the same time having the other va loan still since the new home is our occupancy. This would allow me to avoid paying PMI. Or do I have to wait until the in laws credit is good enougj to purchase our old home and refinance then using va loan?
Thanks!
Phil
@Phil: Thanks for your kind words. I hadn’t really thought of the time frame like that. This is an interesting situation. Drop me an email at chris@vu.com, and we can get into more detail.
Hi, my husband is about to be discharged from the National Guard for a service-connected injury. He has not served for 6 years yet. If he is discharged with a 0 VA rating, will we still be eligible for a VA loan? I am having a lot of trouble finding this information. Thank you!
@Jenny: He may be eligible if he served at least 90 consecutive days on active duty. You can talk with a Veterans United loan specialist about eligibility at 888-212-1958.
My wife is a 100% disabled vet and she recieves social security disability, our question is – can we get a VA loan for an RV if the RV will be our primary residence? Many more people are choosing this type of lifestyle these days and we were considering the possibility.
@Toby: Unfortunately, you can’t use this program for RVs.
Can you refinance a VA loan and what is required?
@Dan: You can refinance a VA loan and refinance into a VA loan. Not exactly sure which one you’re asking about. You can talk to a Veterans United refinance specialist at 888-212-1958.
My primary residence is paid off. Can I get a VA loan on it and use the money on another purpose (2nd vacation home)?
@Rick: Unfortunately, no, you can’t use the VA loan for a vacation home. This is for primary residences, so you would need to live there full time.
Can I borrow more than the asking price of a home to do minor repairs or upgrades with a VA loan?
@Johnathan: No. The lender will lend whichever is less between the purchase price and the appraised value. You may want to check out the FHA 203k program, which does allow this. FHA loans do come with a minimum 3.5 percent down payment and a form of mortgage insurance.
I was told by a loan officer that if I already have a VA loan, that, I could borrow up to what the VA had determined my eligibility. But, you say that as long as I repay my first loan(sell my house) I can use VA again?
@Brent: You don’t necessarily need to sell and repay in full to use a VA loan again. People have two VA loans at the same time. It’s more about how much VA loan entitlement you have and how much you can afford. You can talk to a Veterans United loan specialist about what might be possible at 888-212-1958.
THIS IS A QUESTION, I USED MY VA LOAN TO BUY A HOME IN 1995 WITH MY EX WIFE AND IT WAS FORCLOSED, CAN I GET ANOTHER VA LOAN?
@Clayton: You may be able to. It’ll depend in part on how much VA loan entitlement you have left. You can talk with a Veterans United loan specialist about what might be possible at 888-212-1958.
Are you able to use a VA loan to buy a foreclosed home???
@Taj: Yes, it’s possible, although you would want to make sure it’s in good enough condition to make it through the VA appraisal process. This is where a VA-savvy real estate agent can help a lot. You can check out Veterans United Realty for more info.
My husband and I are looking into getting a va loan, but are having a difficult time finding a bank that does va loans.
Any suggestions?
Thank you
@Kelley: Well, I’m certainly biased here, but I would hope you would give us a shot. You can talk to a Veterans United loan specialist at 888-212-1958. We’re the country’s largest dedicated VA lender.
My husband is 90% disabled and is medically retired from the Marines. He has a tbi and ptsd. I dont work since i have to stay home with him and our son. we get money from the va and combat pay. We have made some poor desisions on our credit due to some pay issues we have had over the past year. He recently checked and his credit score was low and we have done some things to bring his credit up. well it been over a month and his score should be a 620 or more. Does he have to still have active credit to get a va loan? Will almost 2 years of rent on time help as credit and our normal ulitily bills??? Please help???? We need to get out of rent we are wasting money and need to have our family in a home of our own…
@Erica: Thanks for writing. Maintaining open and active lines of credit is important. Paying rent and bills on time can be taken into account. I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They help veterans and active duty personnel (for free) build a path toward repairing their credit and getting prepared to prequalify. I’ve heard a lot of success stories from borrowers who were able to boost their score and secure financing. You can reach a DSA specialist at 888-392-7421. Let me know if you need anything else.
Hi chris. I have a few questions. I have literally read this entire thread so I first want to apologize for all your repeated questions. I have filled out numerous forms with many differant companies and never hear anything back. I am just trying to get prequald and my cert of elegility. Would I get all of that through the phone number you have already posted? And once approved what is the fastest I can be moving into my own home? Lastly, just for numbers say I borrow 160,000.00, what will I be spending upfront out of pocket? I know it says 0 down but I know there is the 1 fee but i don’t know if they’re more. Please email me back. Dyott07@ yahoo.com
@dj: I just sent you an email.
I am Getting out of the army in 11 days, and i wanna get a VA Loan, My entitlement is for $36,000, but the house i wanna purchase is $199,00, is it possible for me to get the $199,000. my credit score is 666.
R. Green: That $36,000 entitlement is the initial layer; there’s a second that kicks in that leads to a total that makes a $199,000 loan possible. It’s more a question of your credit, income and employment situations. You can talk to a Veterans United loan specialist about how to get started at 888-212-1958.
My husband is a retired vet and has been preamp proved for a loan. When looking at a home with 35 acres the realtor told us that houses with that much land are not usually approved. If the house and land appraise below the approved amount will we be able to purchase. We are looking for a home with acres for hunting and four wheeler riding.
@Karen: It’s true that properties with sizable acreage can be difficult. In part it’ll depend on if the appraiser can find any good comparable recent home sales. If the appraised value is lower than the purchase price you would need to renegotiate with the seller.
Just read all the information posted here and was amazed at how much I learned. I can’t thank you enough for your dedication to helping all of the vets and their spouses. We will be calling for assistance very soon!
Thanks, Donald. Means a lot to hear it.
My boyfriend is 100% disabled. We live in a home that he recieved a loan for, 15 years ago. Due to illness we have not been able to make a house payment in 6 months. We are almost back on our feet and ready to get caught up. Our problem now is that this house needs more repairs than it is worth. What we would like to do is apply for a va loan, sell the current house for cheap, pay off the bank and purchase another
house. My question is. Is this dream attainable? And how hard will it be to get a loan due to our payment history? Thank you.’
@Kris: You would need to be able to show a record of at least 12 consecutive on-time payments.
can’t i use extra money of loan for closing cost
@Vincent: You can roll the VA Funding Fee into the loan. Otherwise, no, you can’t add money to the loan amount to cover closing costs.
Im a vet an my creditscore is below 620 but my wife score is above 620. Can i qualify for a va loan.
@Louis: No, unfortunately. You each would need to have a qualifying score. I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They work with veterans, service members and their families for free to develop a plan to repair their credit and get on the path to loan prequalification. You can reach a DSA credit specialist at 888-392-7421.
I have a Mobile home that is almost paid off can i get a va loan to finish paying it off and buy a peice of land to put it on so i don’t pay rent?
@Charles: It’s tough to find VA lenders willing to loan on manufactured right now. Here’s a list of lenders I know that have loaned on manufactured homes in the past. I’m not sure if any of them are still doing so, but it’s a place to start:
=MFG
=Bank of America
=Acceptance Capital
=U.S. Bank
=Suntrust
=Ally (formerly GMAC)
if ive been out of the service for more then 30 yrs, and have not applied for a va loan before would i still be able to apply for a va loan for a house or is it to late
@Jarrett: This benefit doesn’t expire. Once you’ve earned it, it’s yours for life. You can talk with a Veterans United loan specialist at 888-212-1958.
Ok Thanks
My mother just died & she just got a VA loan home. Since the beginning, my husband & I have been paying the mortgage & living with her for 3 years. We’ve talked about it but I don’t think she put my name on her deed before she died. It has been 4 months now & we have continued to pay the mortgage on time. Will we be able to keep the house or will we lose it eventually?
@Lisa: This is a question probably better suited for an attorney.
I have had one VA loand and have been told that I qualify for another, at presant, I lhave a conventionsl loan and wish to re-rinance with a VA approved loan, is that possible? One lender said that it is not.
we just received a loan modification for our home that was in foreclosure from Bank of America. Is there any advantage or even possible to use my husband’s VA benefits (loan) to refinance this mortgage. IT IS VERY upside down.
@Theresa: Is it a VA mortgage?
My husband is a contractor working in Afghanistan. He has a good credit score…me not so much. He qualifies for a VA loan and I was told by a loan officer because he works in Afghanistan as a civillian contractor (w2) he do not satisfy the occupancy requirements. We were told the only way around that would be if I were included on the loan for which my credit score isn’t high enough ( mostly do to inquires related to buying a house). Does anyone know the way around this so we can get a house?
@Anisa: I don’t think it would matter to us if you weren’t on the loan. A spouse can fulfill the VA’s occupancy requirements. Whether or not you’re on the loan shouldn’t have any bearing — at least I believe that’s our stance.
So feel free to call a Veterans United loan specialist at 888-212-1958.
I am a 100% permanent and totally disabled veteran. I have had a VA loan since 2005 and have a perfect on-time payment history. We refinanced our home a few years ago to the new VA ARM and have been very satisfied with it. We have finally outgrown this house ( we have 4 children and another one on the way), and are in dire need or a home with much more living space. We could easily afford the payments for a bigger house, but we are currently unable to moe because we owe more than the house has been appraised at (even though we had the house custom built in 2005), and are around $18,000 underwater. Is there ANY kind of program or option that would allow us to either take out a loan on the new house and carry over the remaining balance from our old house, or possibly obtain a separate loan to cover the amount needed to be able to pay off the remaining balance due on the old house? We have great credit, and we were hoping to sell our house and get moved in soon. Any suggestions you have would be greatly appreciated.
Sincerely,
Jeff Crockett
USMC Disabled Veteran
@Jeff: Is renting out the old house out of the question for you?
We have paid off all my husbands debts except a car payment we make on a monthly basis and our credit score is still not at 600′s and its been a year… we want to use a va loan as well…any suggestions?
@Megan: I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They work with veterans, service members and their families for free to develop a plan to repair their credit and get on the path to loan prequalification. You can reach a DSA credit specialist at 888-392-7421.
My husband is active duty Navy. We had VA on part of our loan and refianced in 2006. When we did our current mortgage company did a conventional loan, so we no longer have a VA loan. How do we find out if it was paid off. And could we refile for VA elgibility?
@Elizabeth: You would want to obtain a copy of your husband’s Certificate of Eligibility. A VA lender can often obtain yours for you in minutes. Or you can use the eBenefits portal or mail a hard copy of VA Form 26-1880 (Request for Certificate of Eligibility). This page provides an explainer: https://iris.custhelp.com/app/answers/detail/a_id/1080. You can talk with one of our loan specialists about a COE at 888-212-1958.
I have “no credit” or “old credit” I will have a 30,000 dollar deposit for a house. Can the VA loan still help me?
@Stanton: You’ll still need to meet a lender’s required credit score. I would recommend you contact the Department of Secondary Approval at Veterans United Home Loans. They work with veterans, service members and their families for free to develop a plan to repair their credit and get on the path to loan prequalification. You can reach a DSA credit specialist at 888-392-7421.
I currently have an FHA loan on my first mortgage and a HELOC on the second mortgage. With both the 1st and the 2nd mortgage, I’m underwater on my loan. I’m in the process of refinancing my 1st mortgage only with another FHA. I’m being told I can’t refi with a VA loan. Is this true?
@Steven: VA lenders are going to require an appraisal for this type of refinance, so the fact that you’re underwater will be a problem. You would need to pursue another type of refinance.
Chris : I’m a 100% SC Disabled Army Retiree (702 Qualified) Caring for my 55% TBI Disabled Vet older brother and handle his Fiduciary Finances. Can I use my brother as Joint Veteran Owner! and secure a 510K note on a home where the VA ceiling is 417K , I hope to share this home by participating in the VA’s new “Foster Home” Program as I’m an “empty Nester”!
@Dan: I just sent you an email.
My husband and I were told by USAA that his new job needs to match his MOS training to get the va loan. This was never mentioned when we talked to the va at our base. Which is true?
@Catron: “Match” is a relative term, but it’s true that lenders are going to want to see continuity between your previous work experience, education, MOS, and the new job. Otherwise, you will likely need two years on the job. Lenders evaluate this differently, so you may want to check with others. You can talk with a Veterans United loan specialist at 888-212-1958.
we had a foreclosure last year and a BK 7 three years ago. We bought a home last year with help from my parents. I have been paying my father every month, but since is his money he does not reports it to any credit agency. I would be paying him off my current home to my father next moth and we have about 20% savings to put towards a new home. I really want to buy a home, we make about $150,000 a year. My husband was in the military for 6 year.
@Carol: You would need to be at least two years beyond the foreclosure to pursue a VA loan.
I am disabled and need a ranch home 80,000 to 100,000 or less I need help bad. we as vets serve and unlike congress or senate do not get retirement benefits or health for life anyone who servers weather 3 or 4 or more years should be helped
@Thomas: You can talk with a Veterans United loan specialist at 888-212-1958 to see what might be possible.
You can email me at chris@vu.com or talk with one of our VA loan specialists anytime at 888-212-1958. We would be happy to help.
@Nancy: You can call one of our loan specialists any time at 888-212-1958. Surviving spouses can be eligible for a VA home loan.
@Herb: It’s certainly possible, and will depend on your credit and income positions. You can talk to a loan specialist at 888-212-1958.
@J. Hunter: The lien is no longer on the property for certain?
@Flap: What’s the problem with VA financing here?
@Vsapeach: Sounds like a lender requirement. Have you checked with other VA-approved lenders?
@Audrey: Talk to one of our loan specialists about this at 888-212-1958.
@Wally: 1. The VA Funding Fee is a cost that other loans don’t have, this is true. But you can’t buy a home without putting money down on a conventional or FHA. Just part of the tradeoff.
2. Those are just the current regulations. Spouse or another veteran.
3. You’re thinking of mortgage life insurance. Private mortgage insurance (PMI) is something else entirely. You’re not precluded from getting mortgage life insurance. PMI is what you have to pay on a conventional loan if you can’t make a 20 percent down payment. It’s a protection for the lender, not the borrower.
4. Most mortgage banks sell some or all of their loans to investors. They sell finished loans, not preapprovals or paperwork, and you may get a loan from Bank X and send your mortgage payment to Bank Y. This isn’t unique to VA loans.
@Michael: The VA doesn’t insure loans for borrowers; it insures a portion of them for lenders. You could purchase a home and then to look to get mortgage life insurance. You may also be able to find a VA lender who will loan on a mobile home, although they’re getting tough to find.
@Barbara: You can apply, but you won’t be able to secure financing. I would spend that time working on your credit score.
@L_: In common law states lenders can consider a spouse’s credit and income situation.
@Jesse: Do you have a VA loan currently?
@morningstar: A 10 percent rating. And interest rates fluctuate daily, often multiple times during the day. So it’s tough to say for certain, but a VA borrower with a 620 credit score can get rates comparable or better to what a conventional borrower with a higher score would get.
3 Trackbacks
[...] http://www.veteransunited.com/valoans/10-things-many-borrowers-dont-know-about-va-loans [...]
[...] The reality is there are simply some things you can and cannot do with a VA loan. [...]
[...] to Veterans United, “f you have a VA entitlement, the agency guarantees up to a quarter of the loan amount. The [...]