952-544-1706 [email protected]

Frequently Asked Questions

What about credit scores?

This is one of the most common questions we receive. The answer is complicated because everyone’s situation is unique. Technically we are sometimes able to work with credit scores as low as 500 but generally your scores have to be above 580.

How long does it take to close?
Most VA Loans we can get closed in under 30 days as long as there are no issues with the appraisal and we work together as a team to get documents in when needed.
Are you affiliated with the VA?

No.  FL VA Loan has no affiliation with the VA or any other government agency.  The VA doesn’t actually lend for the VA program, they just guarantee it. This means that you need to work with a lender or mortgage company to get a VA Loan

I Don’t Have A Down Payment Saved. Do I Need To Pay PMI?
No. One of the biggest benefits of using a Veteran home loan is that Veterans don’t need to worry about having a big down payment saved or paying PMI (private mortgage insurance). This can save Veterans thousands of dollars..
How Do I Apply For A VA Loan?

You can Apply Now for a VA Home Loan with us. While VA loans are backed by the government, the government does not actually issue them. You can apply for a VA loan with a mortgage broker like us, authorized by the Government to get the best VA mortgage rates and products for our Nation’ s veterans.. We specialize in  VA mortgages; which means we’ll be able to answer any questions thoroughly and honestly, then help you apply and get prequalified for a loan that best suits your specific needs.

First, you will need to get a Certificate of Eligibility. We can help you obtain this immediately.

We will help determine your VA loan eligibility in just a few minutes. Fill out our VA loan prequalification form and a local VA home loan expert will contact you to answer any questions or help you get started on your own Veteran loan application.

Can you get my Certificate of Eligibility for me and how do you get it?
Yes, it’s called ACE (automated certificate of eligibility).  All we need is your name, birth year and social security number. We have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE – only those for which VA has sufficient data in our records. However, all veterans are encouraged to ask us about this method of obtaining a certificate.
Is There A Time Limit To Getting A VA Loan?
No. Veterans, active duty service members and reservists are entitled to use their Veteran loan benefits whenever they’d like, as long as they’re eligible.
What is acceptable proof of military service?

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE…..DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

What Happens If I’m Not Eligible For A VA Loan?
If you find you’re not eligible for a VA loan, we can still help you purchase the home you’ve always wanted through an FHA or conventional loan. FHA loans are mortgages that require a lower down payment than a conventional mortgage, which means they’re an excellent option for buyers who don’t have the traditional 5%, 10%, or 20% down payment saved. We are an FHA-approved broker and can help you with FHA mortgages or even an FHA refinance loan if you find you’re not eligible for a VA loan.
How can I obtain proof of military service?
Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.
I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 . To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.  Please contact us for help in this process.
I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?
In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.
My previous loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?
In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.
Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.
Are the children of a living or deceased veteran eligible for the home loan benefit?
No, the children of an eligible veteran are not eligible for the home loan benefit
Help! I Don’t Understand Some Of These VA Terms
The VA mortgage process can have its own terminology thats sometimes difficult to understand.  We are here to help.. Learning what these terms mean can help ensure that your VA mortgage experience is streamlined and stress-free.

  1. VA Loan COE – The VA loan COE is your certificate of eligibility. With your permission, we can easily get this form for you. Get your Certificate of eligibility HERE. Click here
  2. DD214 – This is a form that Veterans receive when they complete military service.
  3. Funding Fee – This fee, required for using a VA mortgage,  is currently 2.15% of the mortgage. It can be rolled into your mortgage or paid at closing. Veterans who receive benefits for a service-related disability or surviving spouses can have this fee waived or reduced.
  4. Occupancy – Veterans who use VA loans must intend to primarily occupy the home.