A VA home loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). 

It is designed to help veterans, active duty service members, and eligible surviving spouses buy, build, repair, retain, or adapt a home for their personal occupancy.

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Eligibility is generally based on service history and duty status. Eligible individuals include:

• Veterans who served during wartime or peacetime
• Active duty service members
• National Guard and Reserve members with at least 6 years of service
• Certain surviving spouses of deceased veterans

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VA home loans offer several benefits, including:

• No down payment requirement (subject to VA loan limits)
• No Private Mortgage Insurance (PMI) requirement
• Competitive interest rates
• Limited closing costs
• No prepayment penalties
• No loan limits if you have full entitlement

Reach out to us to discuss how we can work with your financial history to get you the best mortgage rates.

You can obtain a COE through the VA's eBenefits portal, your lender, or by submitting a VA Form 26-1880 to the VA. 

The COE verifies to the lender that you are eligible for a VA-backed loan.

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For 2024, the standard loan limit for a single-family home in most areas is $726,200. In high-cost areas, the limit can go up to $1,089,300. 

With full entitlement, you may not have a loan limit if you have sufficient income and credit.

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No, VA loans are intended for primary residences only. 

The property you purchase with a VA loan must be your primary residence.

You must certify that you intend to occupy the property as your primary residence. 

Generally, you must move in within 60 days of closing and live in the home as your primary residence for at least a year.

The VA does not set a minimum credit score requirement, but most lenders prefer a credit score of at least 620. 

Each lender may have its own credit score requirements.

The timeline can vary, but it typically takes 30 to 45 days from the time you submit your loan application to closing. 

This can depend on factors such as the lender’s process, appraisal, and underwriting.

Yes, you can use a VA loan multiple times, provided you have remaining entitlement and meet the eligibility requirements. 

You can also have more than one VA loan at a time under certain conditions.

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We understand the nature of self-employed income and consider a holistic view of your financial situation, including average income over time and the stability of your business.

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Improving your credit score, reducing debts, and increasing your down payment can all help. Keeping your financial documents organized and up-to-date is also crucial. 

We can provide personalized tips based on your financial situation. Speak to an Advisor.

The timeline can vary, but with our streamlined digital process, pre-qualification can happen quickly. 

The entire process from application to closing typically takes several weeks, depending on the complexity of your situation.

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If there have been recent changes in your business or income, it's important to communicate this with us as early as possible.

We'll evaluate how these changes affect your mortgage application and guide you through any additional steps or documentation needed to ensure your application reflects your current financial situation.

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Yes, the VA offers two refinance options:

• Interest Rate Reduction Refinance Loan (IRRRL): For lowering your interest rate.
• VA Cash-Out Refinance Loan: For converting home equity into cash.

Need more info about refinancing? Talk to a mortgage expert! 

Yes, there is a VA funding fee, which helps offset the cost of the loan program to taxpayers. 

The fee varies based on factors such as down payment amount, type of service, and whether it's your first VA loan. 

Some borrowers, like those with service-connected disabilities, may be exempt from this fee.

Yes, you can use a VA loan to build a home, but the process is more complex and may require a construction loan that converts to a permanent VA loan upon completion.

If you default on your VA loan, the VA may assist you in avoiding foreclosure through various options, such as loan modifications or repayment plans. 

However, if foreclosure occurs, the VA may lose some of your entitlement, affecting your ability to use the VA loan benefit in the future.