VA Basics: Loan Limits
Loan limits are set amounts a qualified Veteran with full entitlement may borrow without a down payment. The U.S. Department of Veteran Affairs (VA) does have a set limited liability amount which affects the amount of money it lends per person. This liability amount becomes known as a loan limit. VA does not set a cap on how […]
VA Basics: COE Explained
In order to take advantage of the many benefits of a VA home loan, eligibility must be proven by the applicant(s). Applying for a Certificate of Eligibility (COE) is not necessary to start the VA loan process but it is always a good idea to start the application process as soon as possible. The COE ensures […]
5 considerations when choosing a VA loan
USAVA is committed to helping active duty military and veterans make the best loan choices possible. Here are 5 considerations to help you navigate the VA Loan process to get the most for your dollar. 1. Documents required The following documents are all required in order to get the approval process started. A veteran should […]
IRRRL option available for veterans
If you already have a VA home loan and are in search of a reduced interest rate, changing the length of your loan or for a fixed rate mortgage, an Interest Rate Reduction Refinance Loan (IRRRL) may be the right fit for you. IRRRLs can be issued by VA-approved lenders like USAVA and are guaranteed by the […]
Rent requirements for the VA
Veterans who have purchased a home using a VA home loan may not rent the home out. However, there is another option for veterans who wish to have investment properties. A VA borrower cannot rent out the property because of the primary occupancy rule. VA loans requires the home to be the primary residence of the borrower(s). In […]
Co-signers for VA loans
To qualify for a VA home loan, at least one borrower must meet the VA loan requirements. If you are an eligible veteran and find yourself needing a co-signer, eligible co-signers may include: a legally married spouse an unmarried military member an unmarried non-military member *certain restrictions apply. Having a spouse as a co-signer may […]
Credit scores and the approval process
High credit scores are not a set requirement for the veterans looking to use a VA home loan. However, lenders use credit scores to help determine loan eligibility and the interest rate charged. Credit scores are not sole indicators in the approval process and should not discourage potential home owners from pursuing a VA […]
Funding fee: who pays what?
The VA home loan program allows military families to purchase a home without a down payment. However, any military member using the VA Home Loan Guaranty, must pay a funding fee. The VA funding fee is a percentage of the loan that varies depending on the loan type and military category. The funding fee is […]
VA Appraisal success
A VA appraisal is part of the VA home loan process and an evaluation of a home to be bought using the loan. An appraisal is not optional and may have a big impact on the buying process. USAVA will order the VA appraisal for the prospective buyer and an appraiser will be selected random […]
Discharge upgrades help veterans qualify
When a military member leaves the service, the discharge is classified. The most common classifications are Honorable and Dishonorable. Veterans may still be eligible for a VA home loan, even if the discharge is not an honorable one. According to The Department of Veterans Affairs, people with dishonorable discharges are not eligible, but all other […]
