Commonly Asked Questions
Who Is Eligible for a VA Loan?
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
You may be eligible for a VA loan if any one of these statements describes you:
- 100% Financing — you can buy a home with no money down. In some cases you can even finance your closing costs
- You can refinance your home up to 100% of the value of your home
- Low Fixed-Rate Mortgage Options
- They can be used for Existing Homes, Foreclosures or New Construction
- Simple Loan Process
What is the VA Funding Fee and is it required?
Yes, it is required. It is a fee paid directly to the Department of Veteran’s Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little-to-no money out of pocket.
How much is the VA Funding Fee?
It depends on several factors including: whether you are Active Duty, Retired, Guard or Reserve and whether this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee will be for your particular situation.