VA Loan FAQs

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The following are frequently asked questions about the VA Loan program.  Please feel free to reach out directly to our loan officers for further explanation if necessary.  We look forward to hearing from you!

Yes. You may continue to use your VA loan benefit as many times as you wish. If you own a home that is currently financed with a VA guaranteed loan, you may purchase a new primary residence using a VA home loan as long as you have enough remaining VA eligibility. A down payment may be required. You can re-use your VA eligibility as many times as you wish for future home purchases or refinances.
A VA Guaranteed home loan may require additional documentation compared to other conventional mortgages. One important document is your Certificate of Eligibility (COE). This document verifies you are eligible for a guaranteed VA home loan and a VA direct lender can obtain the COE for you.
VA loans take no longer to close than a conventional loan. In most cases, you can close within 45 days. An IRRRL can be closed in as little as 30 days.
With your VA home loan, you may purchase a home with no money down with a purchase price up to your specific county limit. You can find more information on specific VA loan county limits at www.va.gov or by contacting a VA direct lender.
There is no VA loan limit. However, depending on the purchase price or balance of the loan you wish to refinance, you may be required to make a down payment or in the case of a refinance, you may be required to have additional equity. Contact a VA direct lender for further details.
In many cases eligible borrowers will qualify for a VA refinance with little or no equity in their home. If you have an existing VA home loan then it’s possible to qualify for an Interest Rate Reduction Refinance Loan (IRRRL) that requires no appraisal. So if you’re upside down on the home or have little equity you may still be able to refinance. If you have a FHA or Conventional loan then the VA will allow 100% loan-to-value (LTV) so the home will need to appraise for what you owe on it. If the home appraises for less than you owe then you may need to bring cash to closing to cover the difference. Contact a VA direct lender for further details.
No, a VA loan is guaranteed by the U.S. government. This is the “benefit” part of your VA Loan. You are able to purchase a home with no equity and pay no monthly mortgage insurance premiums.
You may either finance the cost of the refinance into your loan amount, or the lender may pay your closing costs. You are not required to have cash in the transaction to qualify for an Interest Rate Reduction Refinancing Loan.

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