Are you the VA or a branch of the VA?
No we are not the VA. The VA does not lend money; they insure the money that we lend. We are a mortgage company that specializes in VA insured home loans.
What is a Certificate of Eligibility? Where can I get it?
A Certificate of Eligibility is often referred to as a COE. It is the certificate proving your veteran status and that you are eligible for a VA guaranteed home loan. Our team can help you obtain yours during the loan process.
Why use my VA home loan benefit?
A VA loan is designed to assist both active duty personnel and veterans obtain their own home. The program provides 100% financing without having to pay monthly for mortgage insurance as you would with a conventional or FHA mortgage.
How are interest rates determined?
Interest rates can change daily, sometimes even a couple times in the same day. They are based largely on the 10 year treasury bond and other market factors. Credit, employment status, and loan program can also impact your interest rate.
What is a funding fee? Why Do I have to pay for this?
The VA funding fee is a fee added to your loan that goes to the Veterans Administration. In essence the funding fee keeps the program afloat and is where the funds are derived from in the event that a fellow veteran must use their coverage. Your first time use of a VA loan, your funding fee is 2.15% of your loan amount. For each subsequent use it is generally 3.3%. You will be required to pay it unless you have a service related disability of 10% or greater in which case the funding fee is waived. This fee in essence replaces your more traditional monthly mortgage insurance payment
What do I need to get qualified? Am I eligible?
We have a few quick questions to ask that will help us get you qualified. They include questions about your income, debts and SSN to pull you credit history. We will also briefly discuss your time in service in order to assist you with obtaining your certificate of eligibility.
What are the benefits of a VA loan?
The VA loan offers 100% financing with no mortgage insurance. The loan is assumable and you are eligible for a streamline refinance if rates go down. Qualifying is generally more forgiving than conventional lending.
Can I get an interest only loan?
The VA loan does not offer an interest only option at this time.
May I purchase land with the VA?
No, the VA loan is designed for existing home purchases or new construction.
May I use my VA eligibility more than once?
Yes, but in most cases you will only be able to hold one VA loan at a time.
Does it matter what your credit score is with the VA?
The VA doesn't put an extraordinary amount of weight on credit scores, but does look for a clear 12 month credit history. Some lenders add a score requirement as part of their overall lending criteria and that tends to vary from lender to lender.
Is VA eligibility transferrable?
No, only the veteran themselves or the surviving spouse of a veteran killed during active duty is eligible for the VA benefits.
May I use a co-borrower to help get approved?
VA guidelines will only allow a spouse to be a co-signer.
May I get two VA loans at once?
You may be able to have two VA loans if you have entitlement available. The best way to determine your entitlement and eligibility is to contact one of our VA Specialists.
Does it cost anything to get prequalified?
No, it does not. Our professional loan specialists take great pride in helping veterans and military personnel obtain their new homes.
What is the difference between a VA loan and a conventional loan?
VA Loans are guaranteed by the Veterans Administration and allow for no money down and easier qualification most of the time. Conventional loans require a minimum of 5% down and if you do not have at least 20% for your down payment will also require monthly mortgage insurance.
Are the VA rates the same as conventional rates (better/worse)?
They are not always the same. Some days they are better, some days they are worse. They are always very close to conventional rates though.
Can I get a VA loan having a bankruptcy on my credit profile? How long must I wait after filing?
Yes, however you must be at least 1 year out of a Chapter 13 and 2 years out of Chapter 7. You also must have no late payments in the last year.
I have bad credit, is a VA Loan still guaranteed to me?
The VA loan guaranty provides you the opportunity to qualify for a mortgage requiring no down payment. You must still meet qualification standards for your loan which will be based on your income, assets and credit profile If you don't qualify right now we can work to repair your credit and try again in a few months.
Does my veteran home loan entitlement expire?
Your entitlement never expires. However, your COE may need to be renewed if it is older than 12 months.
How much can I borrow with my VA Home Loan?
You can borrow 100% of the purchase price up to $424,100 as long as you qualify for it. Anything above that amount requires that you contribute 25% of the overage. On a refinance you can borrow up to 90% of the appraised value of your home.
May I use a VA Loan to invest in real estate?
A VA loan is not designed to be used on an investment property. It is for the purchase of your primary home though there are certain situations that will allow you to have two VA loans at a given time. After all it has always been the way of the military to move active duty personnel from one duty station to another and it is important that the opportunity to own a home remain a possibility when arriving at your new destination.
Are VA guaranteed loans, loans from the government?
The Veterans Administration does not give you the loan directly. They guarantee your loan once it has been approved and funded by your lender.
How do I find out how much I can afford?
The best way to find out how much you can afford is to call 732.355.8200 and talk to a specialist.
If I get a VA Home Loan that has an Adjustable Rate, what does that mean?
Having an adjustable rate means that once your fixed term is reached whether it is 3 years or 5 years, your rate will start moving with the market. If rates go up so does yours. If rates go down you can expect yours to go down as well.
Do I need to put money down in order to purchase a house with my VA Loan?
A VA loan covers 100% of the value of the home; you will however have to pay for any closing costs. The seller can contribute up to 4% via seller concession, which will sometimes cover all of the closing costs associated with the loan.
May I use my Veteran loan benefit to purchase a vacation home?
No, your VA loan has to be your primary residence.
I am currently active in the armed forces; may I still receive a VA home loan?
Yes. If it is a permanent resident and you are within 60 days of moving in.
My realtor has suggested that VA appraisers create problems, Is this true?
No. The VA appraiser has a specific mission to protect buyer. They are required by the VA to ensure that your home meets certain safety and quality guidelines.