Nationwide VA Loan & FHA Loan Specialists!
At VALoansFinance.com, we are here to assist US Veterans, regardless of where you live. Our staff is up to date on the specific regulations for Veteran mortgages in your area, and we have a large lender network that extends from Alaska and Hawaii to the contiguous United States, which allows us to help you buy a home with an affordable Veteran loan anywhere in the country. We know your time is valuable. At VALoansFinance.com, there are no hoops to jump through. No red tape. No hidden fees. And no undue stress. We strive to make the entire VA mortgage application process as hassle-free as possible with three simple steps.
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VA Loans and FHA Loans: Purchase and Refinance FAQs
- How Do I Apply For A VA Loan?
While VA loans are backed by the government, the government does not actually issue them. You can apply for a VA loan with any lender who’s authorized by the government. At VALoanMortgages.com, we focus almost entirely on VA mortgages; which means we’ll be able to answer any questions thoroughly and honestly, then help you apply and get prequalified for a loan that best suits your specific needs.
We can help determine your VA loan eligibility in just a few minutes. Fill out our VA loan prequalification form and a local VA home loan expert will contact you to answer any questions or help you get started on your own Veteran loan application.
- I Don’t Have A Down Payment Saved. Do I Need To Pay PMI?
No. One of the biggest benefits of using a Veteran home loan is that Veterans don’t need to worry about having a big down payment saved or paying PMI (private mortgage insurance). This can save Veterans hundreds of dollars a year.
- What Proof Of My Military Service Do I Need?
To prove your military service, we’ll need a copy of your DD214. A photocopy or a scan is enough — you should keep your original safe. If you’re still serving, we’ll need a letter signed by your commander with your Social Security number on it, as well as the date you entered service.
- Is There A Time Limit To Getting A VA Loan?
No. Veterans, active duty service members and reservists are entitled to use their Veteran loan benefits whenever they’d like, as long as they’re eligible.
- I Have A VA Mortgage. Can I Get Another?
Yes! You’ll need to pay off your first Veteran loan before you can obtain another, however. This can be done by selling your home, paying off the mortgage entirely or even letting another Veteran or service member assume your original VA loan.
- Is VA Loan Refinancing Possible?
Yes! If you have a current VA loan, VALoanMortgages.com can help with a VA loan refinance. A Veteran mortgage refinance can save you money each month because interest rates are at an all time low. If you’re interested in learning about our streamline refinance or cash-out refinance process, please contact us at (866) 216-3577 or firstname.lastname@example.org and a local mortgage professional will contact you.
- What Happens If I’m Not Eligible For A VA Loan?
If you’re not eligible for a VA loan, we can still help you purchase the home you’ve always wanted through an FHA loan. FHA loans are mortgages that require a lower down payment than a conventional mortgage, which means they’re an excellent option for buyers who don’t have the traditional 20% down payment saved. VALoanMortgages.com is an FHA-approved lender and can help you with FHA mortgages or even an FHA refinance loan if you find you’re not eligible for a VA loan.
- I Don’t Understand Some Of These Terms! Help!
It’s true; the government has its own lingo. Learning what these terms mean can help ensure that your Veteran loan experience is stress-free.
- VA Loan COE – The VA loan COE is your certificate of eligibility. With your permission, we can get this form for you.
- DD214 – This is a form that Veterans receive when they separate from military service.
- Funding Fee – This is a required fee for using a Veteran home loan. The funding fee is currently 2.15% of the mortgage. It can be rolled into your mortgage or paid at closing. Veterans who receive benefits for a service-related disability or surviving spouses can have this fee waived or reduced.
- Occupancy – Veterans who use VA loans must intend to occupy the home.
If you have additional questions about VA loans, Veteran loan refinancing or an FHA mortgage, contact us at (866) 216-3577 or email@example.com or use our contact form to send us a message. We’re focused on making the entire Veteran home loan process as easy as possible and getting you into the home of your dreams!
- What Is An FHA Loan?
An FHA loan is a federally guaranteed, or insured, mortgage loan. FHA loans are issued by private lenders or mortgage providers, not the federal government. Lenders must be approved by the Federal Housing Administration (FHA) in order to provide FHA loans and mortgages. The mortgages may be fixed or adjustable rate mortgages. For a complete listing of the types of FHA loans including FHA refinance options available from VALoanMortgages.com, click here.
FHA loans are often easier for people with less than perfect credit, little to no down payment or low to moderate incomes to qualify for. Due to the FHA qualification process, borrowers are less likely to get into a mortgage they can’t afford. Lenders assume less risk by providing FHA backed mortgages because the mortgage is insured against default by the federal government. This insurance also allows lenders to offer better interest rates to FHA-qualified buyers than they are likely to receive through a conventional mortgage loan. To find out if a FHA loan is right for you, contact a mortgage specialist at VALoanMortgages.com.
- Who Is Eligible For FHA Loans?
FHA loans are open to anyone who meets the qualifications. There are no income limitations, which makes FHA loans particularly popular with young couples and families, low to moderate income households and those with less than perfect credit.
- What Are The FHA Lending Limits?
FHA lending limits are caps on the amount you can get on an FHA mortgage loan. These limits are based on area home prices and vary by state and, sometimes, by county. For detailed information about the lending limits in your area, speak with your local VALoanMortgages.com representative.
- What Kind Of Documentation Do I Need To Get An FHA Loan?
Your VALoanMortgages.com representative will provide you with a list of required documents in order to apply for an FHA loan. These documents will provide insight into your employment, credit and payment histories and include such things as past W2’s, most recent addresses, recent employers, your gross monthly income and income tax forms.
- Can I Get A FHA Loan Even If I Have Bad Credit?
The FHA exists to help borrowers with less than perfect credit achieve the dream of homeownership. However, there are minimumqualifications that must be met to receive loan approval. Your debt-to-income ratio and credit history play a strong role in the application process, but poor credit may not automatically disqualify you from receiving a loan. The mortgage lenders at VALoanMortgages.com take many other factors into account when examining your creditworthiness and can provide insights and advice on how to improve your credit score.
Make sure you have at least one year of responsible payment history behind you before applying for a FHA loan. Two years is even better. To improve your credit rating, make payments on time and pay at least the minimum amount required. Figure out your debt to income ratio and try to keep it under 30%. Most importantly – Don’t make a major credit purchase before getting your home loan! This will cloud your credit history and skew your debt to income calculation. Get rid of any debt you can, without damaging your financial situation in the process. Pay down credit cards and auto loans if possible.
- What Does It Mean To Be Pre-qualified?
Prequalification is a way for lenders to verify your ability to pay a mortgage without having to go through the full FHA mortgage application process. Prequalification provides a snapshot of your financial situation and gives you and the lender an idea of what amount of mortgage you can afford. Being prequalified can be an advantage when it comes time to make an offer since prequalified buyers are generally more attractive to sellers than those who are not prequalified.
Lenders will want to examine your employment history, credit rating and determine your monthly debt to income ratio in order to prequalify you for a loan. You will provide them with the necessary documents and they’ll arrive at a prequalification amount. VALoanMortgages.com can help you get prequalified in a matter of minutes – contact us at (866) 216-3577 or info@VALoanMortgages.com to start the preapproval process!
Veterans need to submit the DD Form 214 along with their FHA loan application papers. Active duty military personnel can qualify for an interest rate reduction. Military personnel and veterans may also be eligible for a VA Loan. To learn more about VA Loans and find out if you qualify, please contact VALoanMortgages.com at (866) 216-3577 or info@VALoanMortgages.com.
- What Fees Should I Be Aware Of With An FHA Mortgage?
There are several fees that arise in any mortgage transaction. They vary depending on the type of FHA loan you are seeking but can include: appraisal fees, inspection fees, credit report fees, document preparation fees and other charges. The mortgage professionals at VALoanMortgages.com can provide you with a list of fees associated with your type of FHA loan upfront so you are fully aware of what you need to pay, to whom and when.
- Should I Refinance My Current Loan To An FHA Loan?
The FHA processes thousands of refinance requests every year. If you meet the FHA guidelines and the resulting monthly mortgage payment will be less than your current payment, you can refinance with an FHA mortgage. FHA refinancing is open to those with current FHA loans as well as those with conventional loans. Those with current FHA loans can qualify for an FHA Streamline Refinance. Refinancing can be used to take equity out of your home, reduce your monthly payments and/or interest rate or change the term of your mortgage loan.
For answers to all your FHA mortgage loan questions or talk about your unique situation, contact VALoanMortgages.com at (866) 216-3577 or info@VALoanMortgages.com.