Seeking a VA home loan often comes fraught with questions, and answers many times spawn even more questions. It helps significantly to get some of the primary questions answered and clarified, allowing for better decision making and confidence in moving forward with the loan process. The more understanding acquired in the beginning, the better the experience and more expeditious the conclusion. The following represents many VA home loan frequently asked questions: They each conclude with clear and concise answers. Where more detail is desired, or more clarification on the topic, contact one of our VA home loan experts at VA Home Buyer Center.
VA Home Loan Frequently Asked Questions and the Answers
“What is the VA loan limit?”
- That depends on what area you live in, for San Diego County and surrounding areas, as of Feb. 2014, the new VA loan maximun amount is $546,250.
“I am in the service, but I’m not sure I have VA eligibility. How much time do you have to serve to be qualified for VA financing?”
- If you are currently on active duty and have served 180 days, you are eligible.
- Absolutely not. Depending on the type of bankruptcy and your establishment of credit, you may be eligible for a VA loan in as little a time period as one year. we work with a variety of lenders that can help you with credit restoration. Call us now for answers to your questions about your specific situation.
“I have good credit, a good salary, but no money saved up. Is there any way I can buy a home”?
- You bet! You may have heard the term “VA NO-NO”. This does not mean they will not take a VA loan. What it does mean is that you can buy a home with NO down payment and NO closing costs paid by you! Most of the buyers that we represent in purchasing a home with their VA eligibility actually spend zero in closing costs.
“Are all homes eligible for VA Financing?
- All single family residences are eligible for VA financing, if the property is in satisfactory condition and will provide a good investment for the veteran.
- Yes, you can use your entitlement to buy up to four units ( one duplex, one triplex, or one four plex), however, you must occupy one of the units as your primary residence. The great thing about this type of purchase is that the rental income can help you qualify for the loan.
“How do I benefit by having your VA Home Buyer Center approved Realtor represent me as my buyer’s broker?”
- The advantage to you is that they will work exclusively for you. They represent your interest rather than primarily representing the seller’s interest as a listing agent does. Their allegiance is to you, negotiating on your behalf to obtain the best possible price, terms and conditions for your family.
- You can email us any time at firstname.lastname@example.org. You can call us toll free at 1-855-205-8222. Before you call, please have the information requested on the last page. Also, it is a good idea to write down any questions you might have about the home buying process.