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Mortgages

I’m a servicemember or veteran and currently have a conventional mortgage at an adjustable rate. Now that rates are low, I’d like to refinance to a lower fixed rate. Would I be eligible for a VA loan?

Yes, you may be eligible for a VA loan. Because of the Veterans’ Benefits Improvement Act of 2008, veterans who would like to refinance their existing non-VA mortgages into a VA loan may be eligible to do so for up ...

Mortgages

I am in the military or a veteran and I’m in the process of closing on my first VA home loan. My friends are telling me that I do not have to pay many of the closing costs associated with a typical closing. How do I know what I should pay and what I should not pay?

Closing paperwork can be very confusing, but the VA program does have greater restrictions on fees than many other mortgage loan programs. One day prior to the scheduled closing, make sure you request a HUD-1 Settlement Statement. Federal law requires ...

Mortgages

I’m in the military (active, Guard, Reserve) or a veteran and I’m considering buying a home. How do I know if I’m eligible for a VA-guaranteed loan?

The VA has the answer. The VA can help you determine your home loan benefit and issue your Certificate of Eligibility (COE). Visit theVA’s websitefor detailed information about eligibility. In addition, many veterans and current servicemembers canaccess their eligibility certification ...

Mortgages

I am a servicemember and we just received PCS orders or have to move for another reason. It’s impossible to sell our home for enough to pay off our current mortgage so we’ve been advised to rent it out instead. I recall when we signed the mortgage that we were told that our rate was based on the fact that the house would be owner-occupied. Will this be an issue if we want to rent the house?

Many mortgage rates are based on whether the property will or will not be initially occupied by the owners. Your mortgage and note will specify the amount of time that you must occupy the property (often one or two years). ...

Mortgages

I am a servicemember or veteran. Will I be able to get a conventional or VA mortgage on a manufactured home?

VA-guaranteed home loans are available for manufactured homes, though maximum loan amounts vary. Please access the VA’s website or call 1-877-827-3702 for further assistance. Manufactured homes are also eligible for government-insured loans offered by the Federal Housing Administration (FHA) and ...

Mortgages

I’m a servicemember or veteran and I have a Certificate of Eligibility (COE) from the VA. Why do I have to apply and qualify at a bank if the VA has already certified me?

With your Certificate of Eligibility, you have evidence that the VA will “stand behind” your loan. The VA loan guaranty provides a private lender with the assurance that if something goes wrong and you are unable to make the payments, ...

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