Va Home Loan Process


How long does the loan process take?

For purchases and refinances generally 30 days or less.


How do I get my Certificate of Eligibility?

We can order it for you.


My credit isn’t perfect what is the minimum credit score?

Generally 600 is the lowest acceptable credit score, but in certain cases we can still approve you with less than a 600 credit score.


I am not currently stationed in the U.S. can I still buy a home?

Yes, as long as your spouse will immediately occupy the home and your intent is to occupy the home the VA will approve your loan.


How much is the VA Funding Fee?

VA is not a lender. It is a mortgage insurer. Because they charge no monthly mortgage insurance, they offset the risk of foreclosures by having all share in paying a funding fee, unless the veteran is diagnosed as at least 10% disabled.

VA PURCHASE / CONSTRUCTION LOANS

Type of Veteran Down Payment %- First Time Use %- Subsequent Use
Reg. Military None 5% – 9.99% 10% or more 2.15% 1.50% 1.25% 3.30% 1.50% 1.25%
Reserves None 5% – 9.99% 10% or more 2.40% 1.75% 1.50% 3.30% 1.50% 1.50%
* The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan.

VA CASH OUT / REGULAR REFINANCE LOANS

Type of Veteran %- First Time Use %- Subsequent Use
Reg. Military 2.15% 3.3%
Reserves 3.3% 3.3%

VA FIXED FUNDING FEE LOANS

Type of Loan %- First Time or Subsequent Use
IRRL (Streamline Refinance) 0.50%
Manufactured Homes (Not perm. fixed) 1.00%
Loan Assumptions 0.50%

I am the surviving spouse of a deceased veteran, am I eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as a result of a service related disability is eligible for the home loan benefit.


I am recently divorced and the house we owned was awarded to my ex-spouse. Can I buy another home using my VA eligibility?

Your entitlement cannot be restored unless the spouse refinances the property and pays off the existing VA loan in full or the ex-spouse is a veteran who substitutes their entitlement.


What is the maximum VA loan?

There is no VA loan limit, however there is a threshold where the zero down payment is eliminated. Loans over $424,100 require the veteran to contribute 25% of the down payment exceeding the amount of the purchase.