1. What is the first step in Home purchasing?

A. Getting Pre-qualified for a loan is the very first, most importantant step. It helps you to make an informed decision about the price range you qualify for and the home that fits your budget.

2. Does my VA certificate automatically qualify me for a loan?

A. NO! VA certificates, entitles Military Veterans, exclusive rights to enjoy the benefits a VA loan has to offer. However you must qualify for a loan thru a lending institution in order to use the certificate. VA guareentees the lending company that you borrow, so they must ensure that you can pay the mortgage.

3. Who is eligible for a VA loan?

A. Anyone who has served on active duty for 180 days or has been honorably discharged from active duty or the widow of a veteran killed in combat.

4. Can I use my VA loan to purchase commercail or investment properties?

A. NO. VA loans are used to purchase residential properties ranging from single family homes up to a four plex unit. The veteran must occupy one of these units.

5. What is VA funding Fee (VAFF)?

A. It is what the VA charges the vet  for the use of their Eligibility Certificate. First time use is 2.15% on the loan value which is added on to the loan.

6. What is the difference between a VA, FHA, and Conventional loans?

A. On a VA loan the buyer is placing 0% down towards the loan. On a FHA, a buyer pays 3% down and on a conventional loan a buyer pays 5% down at closing.

10. How long does it typically take to close on a home?

A. It can take between 21- 30 days to close on a home unless you are going thru USAA or some out of state financial institutions. Then it can take up to 45 days.