A home loan specialist will ask basic questions about your financial history and homebuying goals to determine if a loan suits the borrower right now. Prequalification helps borrowers and lenders establish an immediate sense of eligibility and start building a foundation for the next stage, which ...
Are you considering buying a home with a VA loan but aren’t sure how much you can afford? VA loans have incredible benefits, like no down payment and competitive interest rates, designed to make homeownership accessible for veterans, active-duty service members, and eligible surviving spouses....
Paying a funding fee, buying private mortgage insurance, and other consequences of taking a VA home loan can significantly affect your annual income. Therefore, it is crucial to determine how much house you can afford, decide on a maximum home price, and make your monthly budget breakdown depen...
VA loan closing costs are typically 1-5% of the loan amount. So for a $200,000 mortgage loan, closing costs could be anywhere from $2,000 to $10,000. Part of the reason VA closing costs vary so much is that the VA funding fee can be anywhere from 0.5% to 3.6% of the loan amo...
Begin your VA loan application. Start here Request your Certificate of Eligibility (COE): Your COE confirms your eligibility for a VA loan. You can request it online, through a VA lender, or directly from the VA. Get preapproved for a VA home loan: Before you start house hunting, get pr...
Will an Older Home be Approved for a VA Loan? Some older homes, if well-maintained, can be approved for a VA loan. As long as the property meets all of the VA’s minimum property requirements, the loan can be used for that property. Just like a new house that has property issues,...
If you’re considering buying, building, or improving a home, you may be eligible for a VA purchase loan, which can help you qualify for beneficial rates and terms. You can even use a VA loan with no down payment. In addition to the inherent benefits of using a VA loan to build a ...
Yes, but it all depends on how you plan to use the house, as well as how much of your VA loan entitlement you’re using for your current property (if any). Buying a Fixer-Upper with a VA Loan: Helpful Tips to Know Purchasing a fixer-upper with a VA loan can offer a great oppor...
a conventional loan might be less expensive since you won't have to pay for PMI. If you decide to go with a VA loan, you'll need to pay the VA funding fee unless you are exempt. Since there are many factors to consider when buying a home, it's important to talk with your lender...
You can also improve your chances of qualifying for a home loan by working on your credit score before you apply for a home loan. In addition, you can work with a lender such as Assurance Financial. We handle all processing and underwriting in-house, which means you can get answers about...