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VA FAQs
What is a VA mortgage?A VA mortgage is a home loan program designed for use by active duty US military personnel or honorably discharged veterans.
Do I qualify for a VA mortgage? If you are active military or were honorably discharged from either the National Guard or regular military, you are eligible for VA home loan benefits.
What is the VA entitlement? Entitlement is the veteran's right to eligibility for VA benefits.
How do I get my certificate of eligibility? The Certificate of Eligibility (COE) can be ordered by the borrower or the lender. If you would like to order your COE, you can use the request form. Or, we can do it for you in less than 24 hours.
What is the VA loan limit? The VA loan limit, assuming full eligibility, is $417,000. However, for a cash out refinance or a conventional to VA refinance, the limit is $144,000.
What is the VA funding fee? The VA funding fee is applied to insure the loan in lieu of mortgage insurance. VA loans do not carry mortgage insurance because VA guarantees the loan and charges the funding fee for this reason. Use our tables to the left to calculate your funding fee.
Can I buy an investment property with a VA loan? The VA program is only for owner-occupied primary residences. You cannot buy an investment property using VA financing.
If I am overseas on active duty, can my spouse occupy the home and satisfy the occupancy requirement? Yes, if your spouse occupies the home, you have satisfied VA's primary residence occupancy requirement
Can I obtain a VA loan if I have a bankruptcy in my past? Yes, if you have re-established credit with a clean pay history over the past 12 months and the bankruptcy is more than 2 years old, you may qualify for a VA loan.
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Looking for a VA mortgage?
RJ Baxter has you covered!
RJ can originate VA mortgages in all 50 states except South Dakota and has helped his clients with VA financing for years!
We can order your Certificate of Eligibility for you in less than 24 hours! Find out how
Pre-approval
Pre-approval is the first step to home ownership. Many sellers and Realtors will require that you have a pre-approval letter before looking at their home or making an offer. We can get you approved in less than 24 hours! Call now or use our purchase assistant or refinance advisor tools to start learning if you qualify!
VA Links
Department of Veterans Affairs
VA Home Loan Guarantee Page
VA Forms
Request for Certificate of Eligibility
Nearest Living Relative
All Other VA Forms
VA Funding Fee Tables
Purchase Loans
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Type of Veteran
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Down Payment
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Percentage for First Time Use
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Percentage for Subsequent Use
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Regular Military
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None
5- 9.99%
10% or more
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2.15%
1.50%
1.25%
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3.3%*
1.5%
1.25%
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Reserves/ National Guard
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None
5- 9.99%
10% or more
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2.4%
1.75%
1.5%
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3.3%*
1.75%
1.5%
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Cash Out Refinance Loans
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Type of Veteran
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Percentage for First Time Use
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Percentage for Subsequent Use
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Regular Military
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2.15%
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3.3%*
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Reserves/ National Guard
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2.4%
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3.3%*
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* The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan
Interest Rate Reduction Loans (VA streamline refinance), Manufactured Homes, and Assumptions
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Type of Loan
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Percentage for Either Type of Veteran Whether First Time or Subsequent Use
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Interest Rate Reduction Refinancing Loans (VA to VA refinance)
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0.50%
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Manufactured Housing Loans
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1.00%
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Loan Assumptions
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0.50%
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