VA Loan Frequently Asked Questions
1. I want to use my Veteran eligibility to purchase a home. Can you do this for me?
Answer: Absolutely, this is what I do!
2. I don’t have my certificate of eligibility, can you help me get one?
Answer: Yes as long we have a DD-214 or Statement of Service we can retrieve your certificate of eligibility electronically for you. If you don't have your DD-214, you may obtain a copy through the National Archives here.
3. I used my VA eligibility to purchase a home before. Can I use it to purchase another home?
Answer: Yes, your Eligibility is reusable, depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 16-1880 to the Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan. If you need ANY help with this, let us know and we can assist you!
4. I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?
Answer: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.
5. Why is the loan amount higher than the sales price for VA loans?
Answer: All VA loans have a “funding fee” which is financed on top of the loan amount? This fee negates the need for mortgage insurance
6. I am VA disabled (service related), is there is an additional discount available to me?
Answer: The VA may consider you to be Exempt from paying the VA Funding Fee under specific circumstances such as:
- It is documented that you are a Veteran currently receiving VA Compensation for a service-connected disability
- Are rated by VA as eligible to receive compensation as a result of pre-discharge disability examination and rating
- Are entitled to receive compensation but are not presently in receipt while on active duty
- Would be entitled to receive disability compensation if you did not receive retirement pay
- Are a Surviving Spouse of a Veteran who died in service or from service-connected disabilities
If you have questions on this and need to discuss it, please give us a call so we can help.
7. Can I purchase a home with someone other than my spouse as the co-borrower?
Answer: Yes but the other applicant must be a veteran as well.
8. I don't live near Issaquah, Washington can you still handle my loan?
Answer: We can handle your loan anywhere in the state of Washington. Additionally, our company is licensed in many other states and conducts business where we are authorized to do so. Let us know your situation and we will have a representative of our company who authorized to do business in your state contact you!
9. Can I close my home loan in my home town?
Answer: Absolutely. We have relationships with Title and Escrow offices across the U.S.
10. How do all those documents get to my local Title Company?
Answer: Overnight courier or Secure Electronic Delivery.
11. I already applied to another Lender for my Home Loan; do I have to stay with them?
Answer: No you don't. You can change your mind, and decide who you want to close your loan. Transfer of your loan is an easy process. Ask us about our "Free Second Look" program.
12. Can my VA appraisal be used by your company if I obtained it through another mortgage lender?
Answer: Yes. The appraisals actually belong to the VA and are ordered on your behlaf. They follow the property, and the Case Number must be released to the lender of your choice, should you decide to not work with that other lender. This can take a few days to get the appraisal released, but if they don't do it voluntarily, the VA will be able to put pressure on them to release it immediately.
13. Can I use my VA eligibility for a Rental Property purchase?
Answer: No (Note however that a refinance of a property that was formerly a primary residence but is now a rental property may be possible in some cases. Ask us for details.)
14. Can I have more than one property using a VA loan?
Answer: Technically, the VA prefers only one home encumbered with VA financing at a time... or even the veteran owning more than one home at a time. However, the VA understands that military personnel move more rapidly than other civilians, therefore if a person were to buy a home and then were to be forced to move, or the property no longer met the active duty or veteran's family needs, then the VA will allow a one time subsequent re-use of their VA Loan Eligibility. It is reviewed in underwriting and has to be approved as an exception, but we have been successful with this many times. In fact, i've never had one personally denied.
15. Can I refinance my primary residence using my Veteran benefits?
16. How will I know what the prospective home or my primary residence is worth?
Answer: We will order an appraisal done by a licensed VA appraiser in your area. In addition, a local real estate agent may be willing to offer you a Comparative Market Analysis report.
17. Who controls the interest rate on Veteran Mortgages?
Answer: The market and investors but VA loan rates are typically the same or lower than conventional loans.
18. How will I know what interest rate I will get on my home loan?
Answer: After submitting the required paperwork, we lock your interest rate the same day.
19. I am a Widow/Widower of a Veteran, can I qualify?
Answer: Yes you can, provided your deceased spouse died in the line of duty or from a service related cause.
20. I don't like to fill out forms online; can I talk to a person?
Answer: Sure just call me at 425-289-1102!
21. I don't feel comfortable giving my financial information over the Internet, what can we do?
Answer: We will do everything over the telephone or in person if you like. We also have processes for the highest encryptions available for sensitive document transfers.
22. I am already working with a Real Estate Agent.....is this O.K.?
Answer: No problem. We are always looking for great agents familiar with the VA program!
23. Another lender botched my loan, can I transfer my loan to you?
Answer: Sure, no problem. Unfortunately, this is all too common.
24. If I'm the only one on a VA loan, does my spouse's debts count against my debts?
Answer: In Community Property States, the general answer is yes. The spouse's separate liabilities need to be added in to your debt ratios. However, there are some exceptions allowed. First, if your spouse has steady income and voluntarily provides that income, the underwriter MIGHT exclude those liabilities in your debt ratios. (This is a very little know VA guideline.) Additionally, if it can be proven that the debts were incurred prior to a marriage, then some States, such as Washington or Nevada have laws on the books that exclude those liabilities from being attached to the other spouse. We take this on a make sense, case by case basis. Call me with your scenario and we can go over it together to see if it might work.
25. I want to move forward with you, what do I tell my Realtor?
Answer: Ask them to fax a copy of your purchase contract to 425-296-1938, or email it to me and I will give the Realtor a call to coordinate. Or, if you're still out shopping for a home, I can provide you with a Pre-Approval Letter that will better your chances of an offer being accepted by a Seller. Either way, let's all get "on the same page" for the home values and loan amounts that we're looking to qualify you for so there isn't any confusion down the road. Make sense?
26. I just want to talk, can I call you?
Answer: Sure, please call me at your convenience - 425-289-1102
Have a Question that you don't see answered here? Contact me today and I'll be sure to get you an answer right away!
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Michael Patterson, Branch Mgr
Military Loan Specialist
MLO #: 69386
Contact Michael Patterson, Branch Mgr, your local VA Mortgage Specialist, to setup a free consultation and develop your winning strategy when purchasing your new home with a VA Loan. It will be my pleasure to serve you!
Land Home Financial Services, Inc.
Michael Patterson, Branch Mgr
Equal Housing Opportunity Lender. Land Home Financial Services, Inc. is a mortgage finance company and does not represent parties to Real Estate transactions or operate as a Real Estate company. The Agent Mastermind free webinars and marketing strategies are a service of a third party vendor, is offered as a convenience service only, and should not be construed an endorsement of any particular company. The accuracy of all information, regardless of source, is not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Land Home makes no guarantee or promises on success from the use of these services. Use of these services are not to be construed as a commitment to lend. Land Home Financial Services, Inc. only conducts business in the states it is licensed in. Washington Consumer Lending License CL #89331.
Notice: This is a privately owned and maintained web site by Michael Patterson, MLO 69386, specializing in VA financing and is not a government agency. Applicable state disclosure regulations require licenses and information to be explicitly disclosed. Land Home Financial Services, Inc. is an Equal Housing Opportunity Lender. The rates, loan programs, fees, options and guidelines in any loan scenario shown: (i) are for illustrative purposes only; (ii) are subject to change without notice; (iii) are subject to restrictions; (iv) will not apply to all borrowers or situations; and (v) do not represent a commitment to lend. Contact a Mortgage Loan Originator for details. Land Home operates only in states where it is authorized to conduct business. Branch location: 33530 1st Way South, Suite 100, Federal Way, WA 98003. Licensed by the WA State Department of Financial Institutions (DFI) (Consumer Loan Branch Office License #CL-1497400). Corp. NMLS #1796. To view states licenses go to http://www.NMLSConsumerAccess.org
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