Thank You For Your Service.
With 20+ years originating, processing and funding VA Loans – we make complex financial transactions easy. With one point of contact from start to finish, we offer a smooth and an unbeatable experience for our service members and their families.
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The Veterans Administration, VA, insures a portion of the mortgage loan. This product has even more relaxed lending policies compared to a conventional loan or their FHA counterpart.
Here are a few common misconceptions about VA loans:
1. The process it too tedious and time consuming.
- The VA back in the late 2000s revamped their process and took themselves out of the analog era and embraced the digital world. Certificate of Eligibilities are now ordered online and 95% of them are populated in a matter of minutes.
- The VA appraisal process is the same as with any Appraisal Management Company, AMC. The VA shotguns the work order out to VA approved appraisers and the first one that accepts it wins the work order. VA appraisals, similar to FHA appraisals, are good for 6 months.
- Termite inspections, if required, can be done at the same time as the appraisal, eliminating any down time. Termite inspections are good for 90 days.
2. VA loans are too expensive.
- By having VA disability income, the VA funding fee is waived.
- VA funding fees vary in cost depending on the down payment and number of times used.
3. I have already used my VA entitlement before for a home loan.
- VA loans are not a one-time use. If the loan was paid off through the selling or refinancing of the VA loan, the entitlement would most likely be replenished.
- If the VA loan was foreclosed or assumed, you may have enough remaining VA entitlement to go “second tier.” What this means is you have less than full entitlement and may require either a down payment or equity to be used to be eligible for another VA loan.
4. VA will not insure the loan amount that I have requested.
- VA does not have a set max loan amount. This question can be further explained in the Why Us section of the website.