VA Loan Frequently Asked Questions
How do I apply for a VA guaranteed loan?
A veteran can apply for a VA home loan at any mortgage company, as long as it is VA approved and is actually participating in the VA home loan program. You can start by getting in touch with a VA Loan Specialist by filling out this form.
Is VA financing complicated?
Several years ago, VA financing was actually a lot more complicated than the standard or conventional financing. Quite recently, however, changes have been implemented, making the VA home loan process considerably easier than even a number of standard financing programs.
I have already received one VA home loan. Can I get another one?
Yes, but it largely depends on the situation. If a veteran has already paid off his previous VA home loan and has already sold the property, then he may be entitled to another VA home loan.
I have sold the property I obtained with my prior VA home loan on assumption. Why can’t I get my entitlement restored to purchase a new home?
In this situation, your entitlement can only be reestablished if the assumer is likewise an eligible veteran who is ready to substitute his or her entitlement for the original entitlement you had. If not, you will not have your entitlement reestablished until the assumer has paid off the VA home loan.
What can a veteran do if he has lost his or her original discharge papers and does not have a legible copy?
In this case, the veteran needs to get a Certificate in Lieu of Lost or Destroyed Discharge. Any VA Veterans Benefits Counselor at any given VA office near him or her can readily help him/her in getting the required proof of military service.
Does VA home loan entitlement provide cash to the veteran?
No. The particular amount of the entitlement only refers to the money that VA will guarantee the lender against the event of loss.
Does the issuance of a certificate of eligibility guarantee approval of a VA home loan?
No. the veteran applying for the loan should still be qualified for it from his or her income and credit standpoint.VA Loan Frequently Asked Questions | Joint VA Loan | VA Refinance | VA Refinance Rates
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