5 Most Frequently Asked Questions About VA Loans
You have dedicated your time to serving your country and deserve a homebuying experience that honors your service. VA loans were designed with veterans, active-duty service members, and military families like yours in mind—offering key benefits that make buying or refinancing a home easier and more affordable.
Many potential military homebuyers have questions about how VA mortgage loans work and what they can do for you. Together we will dive into the five most frequently asked questions about VA loans from homebuyers, including:
1. What Is a VA Loan, and How Can It Help Me Buy a Home?
A VA loan is a special type of mortgage backed by the U.S. Department of Veterans Affairs, created specifically to help you—whether you’re a veteran, active-duty service member, or eligible spouse—buy or refinance a home. Some of the top advantages? VA loans allow eligible borrowers to purchase an eligible home with no required down payment, competitive interest rates, and no monthly mortgage insurance.
2. Am I Eligible for a VA Loan?
Eligibility for a VA loan depends on your service history. Here’s a quick overview of who qualifies:
- Veterans who served during wartime or peacetime.
- Active-duty service members who have at least 90 days of continuous service.
- National Guard and reservists with at least six years of service.
- Surviving spouses of service members who passed away in the line of duty or due to a service-related injury.
If that sounds like you, you may be eligible. You’ll need to get a Certificate of Eligibility (COE) from the VA to move forward, and your lender can guide you through the process to help you obtain it.
3. What Makes a VA Loan the Right Fit?
When you’re comparing loan options, other loans may provide a potential solution. So, why should you go with a VA loan? Here are some of the reasons VA loans are often the better choice for homebuyers like you:
0% Down Payment: Qualified borrowers are eligible to purchase a home with 0% down payment required.
No PMI: Private mortgage insurance is a common added cost with conventional loans but VA loans don’t require PMI, helping you keep your monthly costs lower.
Competitive Interest Rates: VA loans tend to offer lower interest rates than conventional loans, which means less money spent on interest over time.
Flexible Credit Requirements: If you’re concerned about your credit score, VA loans are typically more flexible than conventional loans, making homeownership possible even if your credit isn’t perfect.
4. Can I Use a VA Loan More Than Once?
Even if you have used a VA loan previously, this option may still be available to you. You can use your VA loan multiple times as long as you still meet the eligibility requirements and have remaining entitlement.
If you’ve already paid off a previous VA loan, you might even be able to restore your full entitlement, making it possible to purchase another home with the same benefits. This is a huge advantage if you’re relocating, need to upgrade to a larger home, or want to refinance an existing mortgage.
5. Are There Any Fees with a VA Loan?
While VA loans offer multiple benefits, you should be aware of the VA funding fee. This fee helps keep the program running so future veterans and service members can take advantage of it too. The VA Guaranty fee is eligible to be financed into your loan in addition to the sales price. Additionally, some veterans may be entitled to a reduction or waiver of the entire VA fee.
Typically, you can roll the funding fee into your loan, so you don’t have to worry about paying it upfront.
Uncover the Answer to Your Questions About VA Loans
Buying a home is an important decision, and with a VA loan you can take advantage of all the benefits you’ve earned through your service. If you still have questions or are ready to start the process, we’re here to help.
Contact us today to connect with one of our team members and let’s work together to get you into the home you’ve been dreaming of.
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