Frequently Asked Questions

VA Loan Frequently Asked Questions:

How do I apply for a VA guaranteed loan?

Applying is easy. Simply fill out our secure 1-minute quick quote form and you can begin applying and comparing rates today.

Is VA financing difficult?

VA financing used to be more complicated than conventional financing. Over the years however the VA loan process has been streamlined and in many cases is now easier than some conventional financing programs.

Years ago, VA financing was more complicated than conventional financing. However changes over the years have streamlined the VA home loan process and in many cases, the VA home loan process is now easier than some conventional financing programs.

Are there any fees required for VA Loan financing?

The Department of Veteran Affairs requires a funding fee. This fee varies between 0-3.3% of the amount of the loan depending on your current Veteran Status. The borrower is not required to pay this out of pocket because the funding fee is added into the total loan amount.

Can I get another VA home loan though I have already received one?

Yes. The answer is situational. You can have your entitlement restored for additional use, if you have paid off your prior VA home loan and disposed of the property.

I sold the property that I attained with my prior VA home loan on assumption. What is keeping my entitlement from being restored to purchase a new home?

Your entitlement can only be restored if the assumer is also an eligible veteran who is willing to substitute his or her entitlement for that of your original entitlement, in this case. If not, until the assumer has paid off the VA home loan, you cannot have your entitlement restored.

What should a veteran do who has have lost their original discharge papers and does not have a legible copy?

Find the nearest VA office to obtain a Certificate in Lieu of Lost or Destroyed Discharge. Any VA Veterans Benefits Counselor will assist a veteran in obtaining necessary proof of military service.

Does VA home loan entitlement supply cash to the veteran?

No. The amount of entitlement relates only to the amount VA will guarantee the lender against loss.

How to Get Started Today

It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.

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