1)What is a VA loan?? Franklin Roosevelt signed the GI Bill into law in 1944 and that is how the VA loan began. VA guarantees a portion of the loan to participating lending institutions which allows them to give Military and Veterans a 100% mortgage loan at a good rate of interest. The VA does not make the loan they just guarantee the loan so you can still use a traditional mortgage bank or broker. The loan must simply conform to the VA guidelines and the lender must use a VA approved appraiser.
2) VA loan is simple to use! The mortgage process is not much different than any other loan. Other than the Certificate of eligibility and the fact that the appraisal is assigned to a VA appraiser – the loan proceeds much like any other loan and many times will get you !00% financing with a low interest rate.
3)What is the maximum VA loan? The VA will guarantee loans up to $417,000.
4) What if both husband and wife are eligible for the VA loan?Only one of the certificates of eligibility would need to be used which leaves the other one free to purchase another property.
5) What if I am divorced and my spouse has the home. How can I get my eligibility back? Only if the mortgage is paid off thru sale or refinance will the certificate be released.
6) Is a VA loan automatic? No. The VA only guarantees the loan so you do have to meet minimum qualifications but many times the qualifications are less than for a conventional loan.
7) Are Adjustable rate mortgages approved for VA loans? Yes. Let a professional lender walk you through determining what is best for you.
8)Should I get pre-appproved? Yes. It gives you the security of knowing what your price range is and it shows property sellers that you are a serious buyer!
9) How do I get proof of my eligibility for a VA loan?
There is an online program or Automated Certificate of Eligibility that a VA approved lender will usually be able to retrieve for you. You can also stop by on post and get your certificate.
10) Can I use my VA eligibility more than once? Yes, but you can only have one VA loan at the time. To become eligible again you must pay off your previous VA loan.
11) What if I do not use all the eligibility – can I use the other portion for another property? Many times you can. Check with the lender.
12) Is it OK to use my VA loan to buy a rental property?
No. You will have to certify that you are going to live in the property.
13) Does Bankruptcy cause me to lose my VA eligibility. No, but you will not be eligible until two years after the discharge of the bankruptcy. Veterans who file for bankruptcy are still allowed to use a VA home loan if they are eligible.
14)What are the debt to income ratios for VA loans? Presently they are 41% but this is just one factor in the loan approval process.
15) Can I use the VA loan for refinance? Yes!
16) Does the VA charge a fee for using the VA loan program? Yes. It is a little over 2% the first time you use it and over 3% the second time but this amount can be wrapped into the loan so that you will still be able to buy the home with no money down! Disabled Veterans are exempt form this fee!
17)What happens if my mortgage is sold to another mortgage company? This is common in the mortgage industry. All it means to you is that you send your mortgage payment to a different place. It does not affect your loan!
To find other info about Fort Benning Real Estate please us the following resources. For Mortgages including VA loans including Pre-Qualifying for a Loan use these pages. We also have info on the different types of Mortgages. If you are First time home buyer – want to search for homes or would like to check out our Fort Benning Home Listings please use these resources. Maybe you just want to know more about the Fort Benning area. If so go to our page titled Fort Benning Growth or Infantry Museum or Fort Benning Schools. To help you get around better while in our area. Use our map of or Fort Benning or the page with a map of Columbus GA. To learn more about Donna and Wayne Long visit our profile page or check out our testimonials. To keep up with current events on base – please keep and eye on our Fort Benning blog.