VA Home Loans Frequently Asked Questions (FAQ).
It’s important to understand your options and ask questions.
That can empower you to make smart decisions, whether you’re buying your first home or interested in refinancing your current mortgage.
How can I start my VA mortgage application?
You can complete a VA Pre-Approval Application online, and receive a reply with one business day. Whether you are ready today, in a few weeks, or would just like to see how much you qualify for. There is never an application fee and no obligation to receive your quote.
Why do I need an VA pre-approval?
Obtaining a Pre-Approval is the first step in any VA Loan Program. It lets all parties know you have reviewed the different types of VA Home Loans and are serious about obtaining a home loan.
What information will you need for the VA pre-approval?
To receive your pre-approval, we need very little. We do need to know the loan amount you think you may need, and an estimate of your credit (FICO) score.
We also need you contact information in case your FHA Specialist has a quick question, and where they are to send your pre-qualification letter.
How much home can I afford?
Your FHA Loan Specialist will be able to give you a very accurate figure. They will ask you approximately how much you make each month, what other debts you may have, and what interest rate you qualify for.
How much of a down-payment do i need?
For a standard FHA Loan, 3.5 percent is the current down payment requirement.
Can I speed up the VA Loan Approval Process?
Absolutely! Many VA loans can close in just a few days if you provide your VA Loan Specialist everything (documents) he or she needs in a timely manner.
Can I buy a home with less than perfect credit?
Yes. VA Home Loans are designed to help people who have a few blemishes on their credit report.
Your Credit Score will determine your final interest rate and down-payment amount.