1. VA loan is a 100% financing.
2. No money down loan that is backed by the VA with a guarantee.
3. The Veteran can get a 4% contribution from the seller towards closing
cost and prepaid items PLUS all customary seller cost
4. The Veteran can close without bringing any money to closing
5. A Military friendly Realtor with experience should know more about
maximizing the Veteran¹s benefit
6. VA Appraisers establish an appraisal of the contracted property to
help make sure the Veteran doesn¹t pay too much.
7. There is no Mortgage insurance on VA loans There is no Monthly
8. Disabled Veterans pay no funding fee Disabled Veterans are Exempt
from the VA Funding Fee
9. VA loans have a low default rate
10. VA loans can get approved with 600, 620, and 640 middle scores
however the higher the credit score the better.
11. VA loans typically have a lower rate than conventional loans
12. VA loans typically have a lower monthly payment than conventional or
13. VA Home Loans are hard! Not when dealing with an experienced
mortgage company who specializes in the VA home loan process.
14. The VA issues a Certificate of Eligibility (COE) for former and
active members of the military who qualify.
15. Can I use my VA disability income to qualify for a VA home loan?
Yes, and now the VA has made it easier to document by placing your
disability income on your COE.
16. If a house is flipped the Vet buyer has to wait 31 days in order to
buy the house.
17. VA loans require a termite inspection
18. VA loans are assumable by other Veterans that qualify
19. The VA loan was under utilized when it was easier before the housing
recession for people to get a 100% loan conventionally
20. Conventional and FHA loans require a down payment unlike the VA loan.
21. Conventional loans offer less of a seller contribution by 1%
22. Veterans don¹t have to be active duty to obtain a COE
23. Honorable discharge is required.
24. The Veterans Administration doesn¹t do VA home loans
25. Our VA Loan specialized are highly trained and experienced with VA
loans unlike walking into a regular Bank.
26. SAM can do your VA loan and SAR can help you on the real estate side
and that helps to expedite the VA loan process.
27. The VA loan is a great benefit to Veterans.
28. A Veteran with a 600 middle credit score needs compensating factors
such has assets, alternative credit lines and/or a low debt to income
29. VA loans can be done at 100% financing up to 420K.
30. A VA loan can go over 420K and qualify for 100% financing based on
country loan limits.
31. Reestablished credit payments to trustee and being on time for 12
months is needed is needed if the Veteran has a Ch 13 Bankruptcy.
32. Chapter 7 Bankruptcy will require a minimum of 2 years after being
discharged with reestablished credit for qualification.
33. A Veteran can get a VA loan even if he or she doesn¹t have credit in
34. No appraisal are typically required for a VA IRRL (Interest Rate
35. VA IRRL may be done with no money out of pocket
36. VA rules limit the amount you can be charged by a lender for closing
37. Lenders can NOT charge a pre-payment penalty on VA Loans
38. A spouse may satisfy the occupancy requirement for a VA Loan if the
Veteran is unable to occupy the property due to distant employment
39. For active duty service members living overseas a dependent such as
a child may satisfy the occupancy requirement for the Veteran
40. Your VA Home Loan Benefit can be used more than once! Ask us how
41. Veterans can get a VA Home loan of up to $1,000,000
42. Reservist and National Guard Members who have been activated on
Title X orders are eligible for full VA Home Loan Benefits provided they
were honorably discharged from the Title X orders and completed the full
length of those orders.
43. VA loans are assumable.
44. VA loans do not allow for a co-signer who is NOT the Veterans spouse
45. Veterans who purchase a home with a Conventional or FHA loan can
refinance into a VA Loan and typically lower their interest rate
46. It is possible for a Veteran to have two VA loans at the same time
47. Did you know that only 13% of eligible veterans have used their VA
Home Loan Benefit.
48. Did you know that the number one reason why only 13% of eligible
veterans have used their VA Home Loan Benefit was because their Real
Estate Agent or Mortgage Loan Officer didn¹t know the benefits or
mechanics of a VA Loan
49. The VA Escape Clause required to be signed at the time of contract
allows the Veteran protection of their Earnest Money if the home does not
appraise for the value on the contract
50. We can help you obtain your COE at no cost and many times it¹s