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What is a VA loan and who qualifies?

Both spouses can apply for a mortgage, and both of their incomes can be used for qualification. ... The VA loan benefit is also transferred to surviving spouses who have not remarried or to some who remarry after the age of 57. Marriage

Why do sellers prefer conventional over VA?

How can I make my FHA offer more appealing? Strengthen the offer Increasing the deposit, if possible, can often make the offer more attractive to the seller. Writing letters to sellers about how much you love their home can sometimes

How much are VA funding fees?

2021 VA Funding Fees For Purchase And Construction Loans For cash-outs or regular mortgage refinancing, first-time borrowers will pay a 2.3% funding fee, while subsequent borrowers pay 3.6%. Do surviving spouses pay VA funding fee?

How many times can I use my VA loan?

As long as you are still eligible for a VA loan and are able to qualify with a lender, there is no limit to how many of these mortgages you can take out over the course of your life. In fact, it is even possible to have more than one VA

Do you pay PMI with a VA loan?

What determines mortgage insurance rates? Mortgage insurance is always calculated as a percentage of the mortgage loan amount, not the value of the home or the purchase price. For example: If your loan is $200,000 and your annual

Are VA mortgages worth it?

Why do sellers prefer conventional over VA? Some agents advise home sellers to take conventional loans or cash offers, even if they are lower than VA offers, as these options are perceived to be less hassle than VA loans. ... "Choosing

Is a VA loan 100 financing?

Does VA allow 2 unit properties? A multifamily home purchase under the VA loan program can be as small as two units or as large as four. However, more units may be possible in cases where a borrower is applying for a home loan with

What are the pros and cons of a VA loan?

Does VA require PMI? Do VA loans require PMI? No, unlike other loans, you don't have to worry about PMI. Due to entitlements, which usually amount to more than 20 percent of the home's value, you don't have to pay PMI with a VA loan.

Can you get a VA home loan without a job?

How long does it take to get VA home loan approved? On average, you can be approved and shut down on V debt within 30 to 45 days. Again, this will be different from the lender and even the lender, however. Below are some factors that