1. VA Home loan are for Veterans or active duty and certain members of the reserves and the National Guard.
2. A VA home loan does not require a down payment, as long as the appraisal is equal to the sales contract. The Veteran must show credit worthiness to purchase the primary home and must have some money toward closing costs, and funds for the earnest money deposit.
3. Closing costs can be paid by the sellers but up to the maximum of 4% of the contract sales price.

1. A VA home loan is assumable, provided the buyers can qualify for the assumed loan.
2. Closing cost or fees the buyer pays is limited by the Veteran Administration.
3. If the Veteran is experiencing troubles in making payments the VA home loan program offers assistance.
4. There is no Mortgage Insurance Premium.
5. There are no prepayment penalties on VA home loans.
6. Minimum FICO score is 620.

1. Do I have to live in the house to use a VA home loan? Yes, the VA home loan is for Owner Occupied properties only.
2. Do I have to qualify for a VA home loan? Yes, you have to have the income and creditworthiness to be eligible to get a VA home loan.
3. Do I have to be a first time home buyer to get a VA home loan? No, you can reuse a VA home loan, but will be required to have paid off your previous VA home loan and pay a higher VA Funding Fee*.
4. Does the VA set the interest rate? No, a VA home loan interest rates are not set by the Veteran Administration, but by the lender.
5. Do I have to pay for mortgage insurance with a VA home loan? No, VA does not have a mortgage insurance but does have a upfront VA Funding Fee* which can be financed into the loan. * If Veteran is receiving more then 10% service related disability payments the VA Funding Fee is waived.
6. How much is the VA Funding Fee for a VA home loan? The VA Funding Fee for a Veteran or Active duty for first time use with no down payment is 2.15% and for National Guard or reservist it is 2.4%. If buyer is using the VA home loan for the second time then the VA funding fee for no down payment is 3.3% for Veterans and National Guard and reservists.
7. Does the VA approve the loan? No, most loans are approved by the lender.

1. You will need to provide your DD-214 and a Certificate Eligibility if you have one. If you do not have the Certificate of Eligibility then we can get this for you as part of our services.

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