Veteran Loan Funding lends in the state of Virginia.
NMLS #71158

800-601-3878

  • Making loans simple for those who served
  • Getting Your VA Home Loan Has Never Been Easier
  • Your resource for VA Loans and VA Refinancing
  • Our Team is dedicated to assisting our military service members
RESOURCES
VA MORTGAGE CALCULATOR
VA LOAN FUNDING CALCULATOR
GUIDES
FAQ
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Frequently Asked Questions

  • What is a VA Guaranteed Home Loan?
  • VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment.

  • What are the benefits of VA home loan?
    • Equal opportunity.
    • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
    • Buyer informed of reasonable value.
    • Negotiable interest rate.
    • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
    • Closing costs are comparable with other financing types (and may be lower).
    • No mortgage insurance premiums.
    • An assumable mortgage.
    • Right to prepay without penalty.
    • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
    • VA assistance to veteran borrowers in default due to temporary financial difficulty.

  • Does my entitlement guarantee that I will get a home loan?
  • No, VA cannot compel a lender to make a loan that would violate their lender policies. Lenders must also comply with VA income and credit standards. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.

  • How much is my entitlement?
  • Our basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the VA county loan limit for a single family home may be available. VA county loan limits, which can change yearly, are available at this link. The loan limits are the amount a qualified veteran with full entitlement may be able to borrow without making a down payment.

  • How do I obtain a VA home loan?
    • Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your VA home loan.
    • Select a lender, present them with your Certificate of Eligibility if available, and complete a loan application. The lender can also obtain a Certificate of Eligibility on your behalf.
    • The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. Note: You may be required to pay for the credit report and appraisal unless the seller agrees to pay.
    • The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
    • You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers

  • What is pre-purchase counseling and why is it helpful?
  • Pre-purchase counseling gives a person information on (1) the process of buying a home (2) the key players in the home buying process, and (3) debt management. The goal is to create a better informed homebuyer. While VA does not require such counseling, we strongly recommend it. There is usually no charge for the housing counseling.

    To locate a housing counseling office call (800) 569-4287 or visit HUDs website. The Department of Housing and Urban Development (HUD) maintains both the phone number and website.

  • What can VA not do?
  • Guarantee that a home is free of defects. VA guarantees only the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA appraisal is not intended to be an "inspection" of the property. You should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.

    If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program.

    VA cannot guarantee that you are making a good investment. VA cannot provide you with legal services.

  • Should I have my home checked for radon?
  • While Radon testing is not required, it is encouraged. For information on Radon and how to test, please read the Environmental Protection Agency guide found at this link.

  • Is a guaranteed loan a gift?
  • No, it must be repaid, just as you must repay any money you borrow. If you fail to make the payments you agreed to make, you may lose your home through foreclosure.

  • Can I get a loan for a home outside of the United States?
  • Unfortunately, the law only allows VA to guarantee loans on property in the United States, its territories, or possessions.

  • Can I get a VA loan if I had a bankruptcy in the last few years?
  • The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA home loan. The following rules apply:

    • If the bankruptcy was discharged more than 2 years ago, it may be disregarded
    • If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:
      • you and/or your spouse have reestablished satisfactory credit, and
      • the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)
    • If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.

  • I want to buy a house with a VA loan. Do I need to occupy the property?
  • The law requires that you certify that you intend to occupy the property as your home. This requirement is considered satisfied if you actually intend to occupy the property as your home and in fact so occupy it when the loan is closed or within a reasonable time afterward.

  • May a veteran join with a non-veteran who is not his or her spouse in obtaining a VA home loan?
  • Yes, but the guaranty is based only on the veteran's portion of the loan. The guaranty cannot cover the nonveteran's part of the loan. Consult lenders to determine whether they would be willing to accept applications for joint loans of this type. Lenders that are willing to make these types of loans will likely require a down payment to cover risk on the unguaranteed, nonveteran's portion of the loan. Unlike other loans, the lender must submit joint loans to VA for approval before they are made.

  • If a veteran dies before the loan is paid off,will the VA guaranty pay off, will the VA   guaranty pay off the balance off the loan?
  • No. The surviving spouse or other co-borrower must continue to make the payments. If there is no CO-borrower, the loan becomes the obligation of the veteran's estate. Mortgage life insurance is available but must be purchased from private insurance sources.
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