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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 ...

Credit Cards

I have been on active duty and have returned home. I just learned that I could have gotten a reduction in the interest rate on my credit card while I was on active duty. Is it too late for me to get this reduction?

Under the law, you have up to 180 days after you are released from active duty to let a lender know that you were on active duty. You should write your credit card company and send a copy of your ...

Mortgages

What is a VA loan?

The Department of Veterans Affairs (VA) offers loan programs to help servicemembers, veterans, and their families buy homes. The VA does not make loans, but rather sets the rules for who may qualify, arranges the terms under which mortgages may ...

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 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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