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Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the VA loan application process is not much different than any other type of mortgage loan.
Qualify for a VA Home Loan
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- April 2013
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Frequently Asked Questions

VA Loan FAQ #2:

Is using my VA loan eligibility a good idea?

The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any downpayment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans.

Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.



More VA Loan Questions

  1. What is a VA loan?
  2. Is using my VA loan eligibility a good idea?
  3. What can I buy with a VA home loan?
  4. What is the maximum amount I can borrow with a VA home loan?
  5. What can be done when both husband and wife are eligible?
  6. I am a veteran who purchased a home with my spouse utilizing my VA eligibility. I am now divorced and my spouse was awarded the home. How do I get my eligibility back?
  7. I heard the VA has an inventory of foreclosed homes. How can I find out more about this?
  8. What role does the VA play in helping me get a loan?
  9. What are the advantages of a VA loan?
  10. Do I have to take a fixed rate VA loan?
  11. Should I get a pre-approved loan?
  12. How do I get proof of eligibility?
  13. I don’t have an honorable discharge, am I automatically disqualified from VA loan eligibility?
  14. What if I can't find my DD214 form?
  15. Is it possible to use my VA eligibility more than once?
  16. What is the one-time exception for renewing VA eligibility?
  17. Can I get eligibility for another VA loan even though I am still working on the first one?
  18. Can I use my VA loan to buy a rental property?
  19. What happens if I file bankruptcy and wish to buy another home at some point?
  20. How is my VA home loan eligibility determined?
  21. Can I get a home equity refinance with the VA?
  22. Am I limited to buying an existing home with a VA loan?
  23. Are there fees associated with my VA home loan?
  24. Who is exempt from paying the VA funding fee?
  25. Can I bring on a co-signer on my VA home loan?
  26. How does the Veterans Benefits Act change my loan process and entitlements?
  27. Can the VA help if I think I may be encountering discrimination in my search for a home?
  28. What if I can't find a house to buy with a pre-approved VA loan?
  29. Can I use a VA loan to buy a reposessed house?
  30. How can I help myself before applying for a VA home loan?
  31. What help does the VA offer in the homebuying process?
  32. Will the VA help if my property is poorly built or defective?
  33. Can I buy a farm with a VA loan?
  34. Can I make a home purchase outside of the US?
  35. What if I die before paying off my VA loan?
  36. Once I sell my property, am I released from my VA loan obligation?
  37. What happens if my mortgage is sold to another mortgage company?

NEW GI BILL BENEFITS
The GI Bill offers the widest variety of financial support programs to take advantage of every educational opportunity.
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VA LOAN RATES
New Home Loan
National Averages
for 5/22/2013

30 Year Fixed
0.000 points
3.500%
3.580% APR

15 Year Fixed
0.000 points
3.250%
3.400% APR

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