My Top Ten Questions on VA Loans

My Top 10 Questions on VA Loans

 

1. What is a VA Home Loan?


A Veteran Home Loan is a zero money down home loan for veterans and active duty military (that meet certain service criteria). The loans are guaranteed by the Veterans Administration, but funded by lenders, credit unions, and banks.


2. Who is eligible? How do I know if I am eligible?

Active duty military and veterans. Check out your eligibility at the VA Eligibility Center.

3. What if I can’t find my DD214 (which documents my service dates)?

 

That’s okay visit my website forms…download form SF180 and send it back to regional office. Or call us at 703-497-3936 to walk you through.




4. Why choose a local VA lender?

When buying a home within a certain community, it’s all about location and information.
So it's best to have of course a local Realtor and lender that specialize in your community of choice

 

5.) What is the maximum loan amount in the washington Dc Metro Area?

Zero Down Veteran Loans up to $729,650

 

 

 

 

6. Can I have two VA loans at one time?


Yes, depending on the amount of entitlement you have used on the current property and where you are buying the home.


7. What if I foreclosed on my home in the past with a VA home loan?Can I buy again with VA no money down?


Yes you can depending on your remaining entitlement, if any. Read this post titled "I Foreclosed on a Home with My VA Loan..."

 

 

 

 

8. I already own a home with VA, but now I have orders and need to sell, can VA help me?

 

Yes, you may be eligible to use the Department of Defense HAP Program.


9. What is the VA funding fee?


It is a small percentage financed on top of your loan amount/ sales price, unless you are a disabled veteran.

 

· 1st time user of VA benefit - funding fee is 2.15%

· Sales Price $300,000 Loan Amount $306,450 with

funding fee

· 2nd time/subsequent use - funding fee is 3.30%


10.
How do I apply?


Just fill out our
short application and get pre-approved today!
     Short Application



 

 

 


Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

www.queenofmortgages.com

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Comment balloon 1 commentMarkita Woods NMLS#196099 • August 16 2010 02:05PM

Comments

This is a great guide for military buyers who hae never used a VA loan!

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) over 8 years ago

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