FREQUENTLY ASKED QUESTIONS REGARDING FL VA HOME LOANS

Q. HOW DO I APPLY FOR A VA GUARANTEED LOAN?

A. YOU CAN APPLY TO ANY LENDER THAT PARTICIPATES IN THE VA HOME LOAN PROGRAM, AS LONG AS YOU ARE ELIGIBLE FOR A VA LOAN. (PLEASE CLICK ON OUR APPLY NOW BUTTON TO ACCESS OUR EASY ONLINE LOAN APPLICATION OR CALL US TODAY)

Q. IS IT MORE DIFFICULT TO OBTAIN A VA HOME LOAN THAN A CONVENTIONAL HOME LOAN?

A. THE PROCESS OF OBTAINING A VA LOAN IS NOT MUCH DIFFERENT THAN OBTAINING A CONVENTIONAL LOAN IF YOU WORK WITH A VA HOME LOAN SPECIALIST SUCH AS "A HUNTER FINANCIAL GROUP, LLC".

Q. HOW LONG DOES IT TAKE TO CLOSE ON A VA HOME LOAN?

A. THE TIME FRAME TO CLOSE ON A VA HOME LOAN IS TYPICALLY NO DIFFERENT THEN A CONVENTIONAL HOME LOAN WHICH IS NORMALLY 21-45 DAYS.

Q. WHO IS ELIGIBLE FOR A VA HOME LOAN

A. GENERALLY VA LOAN ELIGIBILITY IS DEFINED AS VETERANS WHO HAVE SERVED OR SERVING ON ACTIVE DUTY WITH A MINIMUM OF 90 DAYS OF SERVICE DURING WARTIME OR A MINIMUM 181 DAYS DURING PEACETIME. THERE IS A SIX-YEAR REQUIREMENT FOR NATIONAL GUARD AND RESERVISTS. GIVE US A CALL REGARDING YOUR SPECIFIC SITUATION.

Q. DOES THE VA DETERMINE THE INTEREST RATE ON A VA HOME LOAN?

A. NO, VA INTEREST RATES ARE SET BY THE LENDER OR MORTGAGE BROKER YOU ARE WORKING WITH. "A HUNTER FINANCIAL GROUP, LLC" SPECIALIZES IN VA LOANS AND PRIDES ITSELF IN OFFERING VETERANS THE MOST COMPETITIVE VA INTEREST RATES IN THE COUNTRY.

Q. WHAT IS THE MAXIMUM VA HOME LOAN AMOUNT?

A. VA WILL GUARANTEE A MAXIMUM 25% OF A HOME LOAN UP TO $60,000, WHICH ALLOWS A MAXIMUM LOAN AMOUNT WITHOUT A DOWN PAYMENT TO $417,000. FOR A VA LOAN AMOUNT GREATER THAN $417,000 A DOWN PAYMNET OR EQUITY IS REUQIRED BUT INTEREST RATES ON A VA LOAN ARE MUCH LOWER THAN A CONVENTIONAL JUMBO LOAN.

Q. IS IT POSSIBLE TO BUY A HOME USING VA FINANCING WITH NO OUT OF POCKET EXPENSE AT CLOSING?

A. YES- VA ALLOWS 100% FINANCING OF THE PURCHASE PRICE WHICH MEANS NO DOWN PAYMENT. IF THE SELLER AGREES TO PAY ALL CLOSING COSTS AND PREPAIDS YOU CAN GO TO CLOSING WITH NO MONEY OUT OF YOUR POCKET.

Q. WHAT TYPE OF PROPERTIES ARE ELIGIBLE FOR VA FINANCING?

A. "OWNER OCCUPIED" SINGLE FAMILY, 2-UNIT RESIDENTIAL, TOWNHOMES AND CONDOS(MUST BE ON THE APPROVED VA LIST).

Q. WHAT IS THE MINIMUM CREDIT SCORE REQUIRED FOR A VA HOME LOAN?

A. THERE IS NO MINIMUM CREDIT SCORE REQUIREMENT FOR A VA HOME LOAN, BUT LENDERS MAY CHARGE A SLIGHTLY HIGHER INTEREST RATE FOR CREDIT SCORES BELOW 580. EVEN WITH A LOW CREDIT SCORE AND PAST CREDIT ISSUES VETERANS MAY QUALIFY FOR A VA HOME LOAN. (CALL US TODAY FOR A FREE, NO OBLIGATION ANALYSIS OF YOUR CREDIT).

Q. I HAVE HAD A BANKRUPTCY, CAN I OBTAIN A VA HOME LOAN?

A. YES, THE VA GUIDELINES STATE THAT A MINIMUM OF TWO YEARS MUST ELAPSE SINCE THE DISCHARGE OF A CHAPTER 7 BANKRUPTCY TO BE ELIGIBLE FOR A VA LOAN. THE BORROWER (S) MUST HAVE RE-ESTABLISHED GOOD CREDIT AND OFFER AN EXPLANATION OF EVENTS THAT LED UP TO THE BANKRUPTCY. THE VA GUIDELINES STATE THAT THEY WILL CONSIDER A BORROWER STILL PAYING ON A CHAPTER 13 BANKRUPTCY IF THE PAYMENT TO THE COURT HAVE BEEN SATISFACTORY MADE AND VERIFIED FOR ONE YEAR. THE COURT TRUSTEE WILL NEED TO GIVE WRITTEN APPROVAL AND THE BORROWER (S) WILL NEED TO OFFER A EXPLANATION OF EVENTS THAT LED UP TO THE BANKRUPTCY.

Q. I HAVE HAD A FORECLOSURE, CAN I OBTAIN A VA HOME LOAN?

Q. WHAT IS AN “INTEREST RATE REDUCTION REFINANCE LOAN ” ALSO KNOWN AS AN “IRRRL” , “ROLLOVER REFINANCE” OR "VA STREAMLINE REFINANCE"?

A. A VA STREAMLINE REFINANCE IS A REFINANCE OF YOUR CURRENT VA LOAN TO LOWER THE INTERST RATE, TERM, OR CONVERT AN ADJUSTABLE RATE MORTGAGE TO A FIXED RATE WITH NO CASH BACK TO YOU. CLOSING COSTS, PREPAID ITEMS AND THE FUNDING FEE CAN BE INCLUDED INTO THE NEW LOAN. NORMALLY IF YOU CAN REDUCE YOUR CURRENT INTEREST RATE BY MORE THAN 1% YOU MAY WANT TO EXPLORE THE BENIFITS OF A VA STREAMLINE REFINANCE.

Q. WHAT IS INVOLVED WITH APPLYING FOR A IRRRL OR A VA STREAMLINE REFINANCE AND DO I HAVE TO CREDIT QUALIFY?

A. NO- WITH A VA STREAMLINE REFINANCE THERE IS NO CREDIT QUALIFYING, EMPLOYMENT DOCUMENTATION OR APPRAISAL REQUIRED. A COPY OF YOUR CURRENT NOTE IS REQUIRED AND A PAYOFF FROM YOUR CURENT LENDER.

THE PROCESS IS VERY EASY AND THE CLOSING CAN USUALLY BE COMPLETED WITHIN A COUPLE OF WEEKS.

Q. I AM A VETERAN AND CURRENTLY HAVE A CONVENTIONAL LOAN CAN I REFINANCE MY MORTGAGE TO A VA HOME LOAN?

A. YES- YOU HAVE THE OPTION OF REFINANCING AT UP TO 90% OF THE VALUE OF YOUR HOME. A FULL CREDIT PACKAGE IS REQUIRED AND AN APPRAISAL.

Q. I CURRENTLY HAVE A VA HOME LOAN, CAN I REFINANCE MY LOAN TO RECEIVE CASH OUT?

A. YES, YOU CAN REFINANCE YOUR VA LOAN AND RECEIVE CASH BACK AS LONG AS YOU DO NOT EXCEED THE 90% LOAN TO VALUE AND YOU HAVE SUFFICIENT VA ENTITLEMENT AVAILABLE. A FULL CREDIT PACKAGE AND AN APPRAISAL IS REQUIRED.

Q. WHAT IS THE VA FUNDING FEE?

A. THE VA FUNDING FEE IS CURRENTLY 2.20% FOR FIRST-TIME USERS AND 3.3% FOR SUBSEQUENT USERS FOR BOTH CASH-OUT REFINANCING AND NO DOWN PAYMENT PURCHASE LOANS. THE FUNDING FEE IS INTENDED TO CONTRIBUTE TOWARDS THE COST OF THE VA LOAN BENEFFIT PROGRAM AND CAN BE FINANCED INTO THE LOAN. FOR RESERVES/NATIONAL GUARD THE FUNDING FEE IS 2.4% FOR FIRST TIME USERS AND 3.3% FOR SUBSEQUENT USES. ON INTEREST RATE REDUCTION REFINANCE LOANS (IRRRL) THE FUNDING FEE IS .5% VETERANS RECEIVING VA DISABILITY BENEFITS AND/OR HAVE BEEN DECLARED MORE THAN 10% DISABLED BY THE VA ARE EXEMPT FROM THE FUNDING FEE SURVIVING SPOUSES OF VETERANS WHO DIED IN SERVICE OR FROM SERVICE RELATED DISABILITES ARE ALSO EXEMPT FROM THE FUNDING FEE .

Q. HOW DO I GET A CERTIFICATE OF ELIGIBILITY?

A. WE CAN NORMALLY ACCESS YOUR CERTIFICATE VIA OUR VA WEBSITE OR YOU CAN COMPLETE A 26-1880 FORM (WE CAN SEND YOU ONE) AND SEND IT INTO THE VA.

Q. WHAT IS ACCEPTABLE PROOF OF MILITARY SERVICE?

A. IF YOU ARE STILL ON ACTIVE DUTY- A LETTER FROM THE PERSONNEL DEPT OR COMMANDING OFFICER OF YOUR UNIT STATING YOUR NAME, SOCIAL SECURITY NUMBER, DATE OF ENTRY IN SERVICE, DURATION OF CURRENT ENLISTMENT AND DURATION OF ANY TIME LOST.

IF YOU WERE DISCHARGED AFTER JANUARY 1950 A COPY OF YOUR DD-214, CERTIFICATE OF RELEASE FROM ACTIVE DUTY SHOULD BE PROVIDED.

IF YOU WERE DISCHARGED FROM THE SELECTED RESERVES OR THE NATIONAL GUARD, YOU MUST INCLUDE DOCUMENTATION OF AT LEAST 6 YEARS OF HONORABLE SERVICE. FOR THE ARMY OR AIR FORCE NATIONAL GUARD CONTACT YOUR LENDER FOR THE APPROPRIATE FORMS TO DOCUMENT THE SAME.

Q. HOW CAN I OBTAIN PROOF OF MILITARY SERVICE?

A. COMPLETE FORM SF-180 WHICH IS A REQUEST PERTAINING TO MILITARY RECORDS AND WE WILL SEND IT TO THE APPROPRIATE BRANCH OF SERVICE CUSTODIAN OF MILITARY RECORDS.

Q. I HAVE ALREADY HAD ONE VA HOME LOAN. CAN I GET ANOTHER ONE?

A. YES- YOUR ELIGIBILITY IS REUSABLE DEPENDING ON THE CIRCUMSTANCES. NORMALLY, IF YOU HAVE SOLD YOUR HOME & PAID OFF YOUR VA LOAN, YOU CAN HAVE YOUR ELIGIBILITY RESTORED FOR ADDITIONAL USE. ALSO, ON A ONE TIME ONLY BASIS, YOU CAN HAVE ENTITLEMENT RESTORED IF YOUR PRIOR VA HOME LOAN WAS PAID IN FULL AND YOU STILL OWN THE PROPERTY. CONTACT YOUR LENDER FOR THE APPROPRIATE FORMS AND DOCUMENTS NEEDED TO RESTORE ELIGIBILITY.

Q. DOES THE VA HAVE SPECIAL PROVISIONS FOR DISABLED VETERANS?

A. YES- THE VA HAS A FEW PROVISIONS #1 THERE IS NO FUNDING FEE CHARGED TO A VETERAN THAT IS RECEIVING VA DISABLITY INCOME FOR A SERVICE RELATED DISABILITY. #2. VA PROVIDES A GRANT TO DISABLED VETS THAT DUE TO CERTAIN DISABILITIES REQUIRE SPECIALLY ADAPTED HOUSING (WHEEL CHAIR ACCESSIBLE AND OTHER SPECIAL NEEDS) THIS GRANT CAN BE USED TOWARDS BUILDING A SPECIALLY ADAPTED HOME OR REMODELING AN EXISTING HOME TO ACCOMMODATE THESE NEEDS. CHECK WITH US REGARDING ENTITLEMENT & TERMS FOR THIS PROGRAM.

Q. IS A SURVIVING SPOUSE OF A DECEASED VETERAN ELIGIBLE FOR THE VA HOME LOAN BENEFIT?

A. YES- THE UNMARRIED SURVIVING SPOUSE OF A VETERAN WHO DIED ON ACTIVE DUTY OR AS A RESULT OF A SERVICE RELATED DISABILITY IS ELIGIBLE FOR A VA HOME LOAN BENEFIT. ALSO, A SURVIVING SPOUSE WHO OBTAINED A VA HOME LOAN WITH THE VETERAN PRIOR TO HIS/HER DEATH (REGARDLESS OF THE CAUSE OF DEATH) MAY OBTAIN A VA GUARANTEED INTEREST RATE REDUCTION REFINANCE (IRRRL) LOAN.

Q. ARE CHILDREN OF A LIVING OR DECEASED VETERAN ELIGIBLE FOR VA HOME LOAN BENEFITS?

A. NO, CHILDREN OF VETERANS ARE NOT ELIGIBLE FOR VA HOME LOAN BENEFITS.

PLEASE VISIT OUR "WHY GET A VA LOAN" PAGE FOR THE ADVANTAGES OF OBTAINING A VA HOME LOAN

IF YOU HAVE ANY QUESTIONS THAT ARE NOT ADDRESSED HERE, PLEASE FEEL FREE TO GIVE US A CALL OR FILL OUT OUR CONTACT US FORM SO WE MAY DISCUSS YOUR SPECIFIC SITUATION.