VA Loans Can’t Be Beat

VA Loans are hands down the best loan opportunity there is and they are exclusively reserved for veterans. If you have served your country, then chances are you will qualify for top tier financing. Many veterans don’t realize how powerful a VA loan is. Because you served your country with honor and distinction, your country will take care of you with a loan that has unparalleled benefits:

  • No money down – 100% Financing!

  • No mortgage insurance

  • Low government rates

  • No prepayment penalties

  • Lenders love you

  • Streamline refinances if rates drop (VA IRRRL)

100% Financing

100%

What Do I Need?

Active Duty Military

  • A “Statement of Service” letter from either your commander or the personnel office
  • Your most recent EOM LES
  • Past two years of W-2s
  • Most recent 60 days of bank statements

Retired or Discharged

  •  a copy of your DD 214
  • 30 days worth of pay stubs
  • Past two years of W-2s
  • Most recent 60 days of bank statements

VA Loan FAQs

The VA needs to see your DD214 to verify you meet the VA benefits eligibility requirements and to produce your Certificate of Eligibility; i.e., length of service, deployment history, discharge code, etc.. Chances are I will get the COE for you without needing to provide your DD214, but locate a copy now just in case you’re not in the VA database for some reason. The COE will also tell us if you have used your VA home loan benefits before and if you are a disabled vet which will eliminate the VA funding fee.

The Statement of Service verifies your VA benefits eligibility and is used to obtain your Certificate of Eligibility from the VA. Sometimes we can pull your Certificate of Eligibility from the VA portal in lieu of needing your DD214 or statement of service.

Your commanding officer can provide you with a Statement of Service, or your personnel office will provide it.

The VA funding fee is essentially what the government will charge to guarantee a VA loan. The funding fee ranges between 1.25% and 3.3% depending upon your duty status (Active vs. Guard & Reserves), if you decide to put any  money down, and if you have ever used it before. There is a table for this and I will go over the options, but to keep it simple for now, an active duty veteran who has never used their VA loan benefits before will be charged 2.15% of the loan amount. This is typically rolled into the loan and does not come out of pocket. If you have used your VA loan benefits before, the funding fee is 3.3% for each subsequent use.

Veterans who are at least 10% disabled are exempt from being charged the VA funding fee.

Yes, VA loans require a termite inspection; however, the SELLER has to pay for it. In fact, you CANNOT pay for it yourself. And neither can your agent… so please don’t.

VA appraisals are a breed of their own. They are a bit stricter to ensure the home meets specific government standards and the appraisers have 20 days to get them done. And we are completely blind the entire time. A VA appraisal shows up when it shows up within those 20 days and we sit helpless on the sidelines. How long it will actually take varies a lot depending on where in the country you live. For example, just outside of Fort Knox, the VA appraisers are typically very fast and have completed them within 7 days, but in some places like Colorado Springs they are notoriously slow and can actually exceed the 20 days. Because of this, we have investors who have negotiated rush fees with the appraisal management companies in Colorado Springs to expedite VA appraisals and receive them in around 12 days.

Maybe. It depends upon how much of your benefits are tied up in that house. There is a formula for calculating this and we can figure it out for you. Otherwise you’ll need to refinance or sell your current home to free up your VA eligibility.