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?
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?
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?
Is There A Time Limit To Getting A VA Loan?
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?
How can I obtain proof of military service?
I have already obtained one VA loan. Can I get another one?
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?
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?
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?
Are the children of a living or deceased veteran eligible for the home loan benefit?
Help! I Don’t Understand Some Of These VA Terms
- 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
- DD214 – This is a form that Veterans receive when they complete military service.
- 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.
- Occupancy – Veterans who use VA loans must intend to primarily occupy the home.