VA Loan FAQs
VA Loans & Veteran Refinancing FAQs
Capital Bank is a national lender with expertise in veteran mortgage – so you feel like you are speaking to your local expert.
Answers to some of the most frequently asked questions regarding VA mortgages and VA refinance loans.
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 Capital Bank, N.A., 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, Capital Bank, N.A. 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 [email protected] 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. Capital Bank, N.A. 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 protected] 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!