If you are a U.S. Military veteran, surviving spouse or active military member, having served in the Air Force, Army, Navy, Marines, Coast Guard or National Guard, you could apply for a VA loan. Getting a VA home loan allows you to use benefits that are only available to active and retired military members, and eligible spouses. VA home loans are not administered by the Veterans Administration, but through approved lenders. HomeBridge is an approved lender for veterans and qualifying military members who would like to apply for a VA home loan.
Applying for a VA loan works much the same as applying for other types of home mortgages. There are standard documents that you will need to submit, like identification, proof of employment, tax returns, and you’ll also have a credit check performed.
Getting Your Certificate of Eligibility (COE)
In addition to the standard documentation required for most home loan programs, in order to qualify for a VA loan, applicants need to show a Certificate of Eligibility. While a HomeBridge Mortgage Loan Originator can check your VA eligibility and your eligibility benefits, you can also check your benefits through the VA Benefits Website.
After your eligibility has been determined, you can apply for a VA loan online and at your convenience. If you prefer to apply over the phone or even in-person, we will do everything to accommodate your schedule.
Buy or Refinance with a VA Home Loan
With a VA home loan, you can buy a home or use your eligibility to refinance your VA loan. You can be a first-time homebuyer or use your eligibility for a second or subsequent home purchase. You can get a VA home loan if you meet the requirements and have VA benefits to use.
Down Payment and Closing Costs
We understand that when you apply for a VA home loan, knowing how much cash you need to bring to the closing table is an important consideration. This is why all veterans, qualifying spouses and active military members should consider applying for a VA home loan instead of other loan programs. The VA loan program is one of the only loan programs that allows buyers up to 100 percent financing for loans up to county loan limits.
While there is a funding fee, this cost can be paid up-front or rolled into the loan. The funding fee is a percentage of the loan amount and depends on the loan and your military category, if you are a first-time or subsequent loan applicant, and whether you make a down payment when you apply for a VA loan.
According to the VA, some applicants are not subject to the funding fee:
- Veterans receiving VA compensation for a service-connected disability, OR
- Veterans who would be entitled to receive compensation for a service-connected disability if he or she did not receive retirement or active duty pay, OR
- The surviving spouse of a veteran who died in service or from a service-connected disability
There will be other costs that you will have to pay that are associated with getting a VA loan. These costs include:
- Credit report
- Home appraisal
- Up-front state and local taxes
- Recording fees
When you apply for a VA loan, you will receive a disclosure package that will include an estimate of all the projected costs, loan fees and payments. Many of these disclosed costs must stay as-is or cannot be more than 10% over the estimated amount, unless they are consumer-chosen, third-party charges, prepaid interest or property insurance.
Still have questions about applying for a VA loan? Contact a Mortgage Loan Originator today!