Frequently asked Questions (FAQ) VA Benefits
- Yes, a seller can provide a seller credit for a veteran to pay off personal debts to qualify for the loan or to cover closing costs or prepaids
- Yes, when a veteran lives within 20 miles of a military base/commissary, the lender can reduce residual income by 5% – this can become important for larger family sizes or veterans that make lower income.
- No, if a veteran has received more than $1 in disability from the VA, the veteran is exempt for any funding fee
- No, VA loans are assumable, meaning if you decide to sell your home, a qualified buyer (can be vet or non-vet) can take over your current VA loan.
- Yes, although this doesn’t happen often, if a veteran has at least $1 in entitlement, they will be eligible for another VA loan (please consult with Loan Officer for more information)
- No, no PMI is needed on ANY VA loan
- Most VA loans will not need a down-payment, however, depending on veterans loan scenario a down-payment may be required
Can you use seller credits to pay off personal debts?
Is there any benefit to living within a military base/commissary?
Do you need to be 10% or more disabled to be exempt from the VA funding fee?
Do you have to be a veteran to assume a VA loan?
Can you have more than one VA loan?
Is Private Mortgage Insurance (PMI) needed on a VA loan?
What is the lowest down-payment needed for a VA loan?