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The VA Home Loan Benefit

How do I obtain a COE?

The lender of your choice may apply for a Certificate of Eligibility for you or you can apply for a Certificate of Eligibility on line using ebenefits.   The lender will review your income and credit and determine how much of a loan you will qualify for.  We suggest you contact several to find the lowest rate and costs. 

What types of properties does a VA home loan cover?

Single family and 1-4 multifamily.  However for a VA loan this must be your primary residence.  No second homes or investment properties allowed.

Can I use my VA benefits if I have used the previously?

Yes.  You can use your benefit as many times as you would like.  Each time you pay off and sell your property you can ask for restoration of your entitlement. 


Can I get a VA Loan if I have been foreclosed upon in the past with a VA Guaranteed Loan?

The loss of entitlement on a foreclosed, compromise sale, or acquired loan does not necessarily preclude you from using your VA loan guaranty provided you have sufficient entitlement remaining to complete your proposed transaction. 

Can I own more than one home at a time with VA Loans?

Yes you can if you use your Bonus Entitlement.  See below.


What is Bonus Entitlement?

Bonus entitlement can also be used to purchase another VA home as your primary residence, without selling your previous home, if the new loan amount is above $144,000.  A lender will need to review your income, credit, and remaining entitlement to determine if you have sufficient remaining entitlement for the area you wish to purchase in. 


Do I qualify for home loan benefits as a surviving spouse?

A surviving spouse must be in receipt of qualifying VA monthly surviving spouse benefits to qualify for a surviving spouse certificate of eligibility to purchase or obtain a regular refinance.   Please note if the Veteran and surviving spouse obtained a VA home loan together, then it is possible to complete a VA Interest Rate Reduction Refinance. 

Who sets the interest rates and minimum credit scores for VA Loans?

Each  lender sets their own competive interest rates and credit guidelines for VA Loans.  We suggest you check out a few lenders to make sure you are getting the best deal on your loan.

What makes you exempt from the VA Funding Fee?

If you are receiving Service Connected Disability compensation from the VA you are exempt from paying the funding fee at closing. Since VA is a 100% loan to value loan with no down payment, the Veteran has the option to pay the funding fee at closing as part of their closing cost or they can roll this amount into the loan.

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